Western banks axed 59,000 jobs last year, more cuts to come in Europe

Western banks axed 59,000 jobs last year, more cuts to come in Europe


LONDON (Reuters) - Top European and U.S. banks axed 59,000 jobs last year as they restructured and cut costs, with headcount expected to shrink further in Europe as bosses strive to improve profitability that has been hit hard by tougher regulation.
Eighteen of Europe's biggest banks cut a combined 21,500 jobs last year, but that was less than half of the 56,100 jobs cut by the same banks in 2013, according to data compiled by Reuters.
Six of the biggest U.S. banks cut a total of 37,500 jobs last year, having shed 45,700 in 2013.
That means more than 160,000 jobs have been cut across the 24 banks in the past two years. The six U.S. banks shed 7.3 per cent of staff in the period, against 4.1 per cent for the Europeans, the data shows.

If the people at the top has not been so greedy, this would not have happened. I hope these people get the karma they deserved for ruining the lives of thousands of workers and their families

as long as there is money involved, there will be greed. i see the real problem with banks are that majority of their revenue generated is thru their toxic investment via trading. trading is a form of gambling, in the long run, you will still lose money. best is invest in property like assets. in trading, the element of luck is critical as you will be guessing what will happen next, even with higher probability with your guess correct, and you may win for a year but still lose your pants in other years. if you want to really trade and make money, best is stick to long term investment.

if bankers disagree with me, you can come slap me in the face and i will make your car fly over the moon.

babuSingh said:

If the people at the top has not been so greedy, this would not have happened. I hope these people get the karma they deserved for ruining the lives of thousands of workers and their families

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krafty said:

as long as there is money involved, there will be greed. i see the real problem with banks are that majority of their revenue generated is thru their toxic investment via trading. trading is a form of gambling, in the long run, you will still lose money. best is invest in property like assets. in trading, the element of luck is critical as you will be guessing what will happen next, even with higher probability with your guess correct, and you may win for a year but still lose your pants in other years. if you want to really trade and make money, best is stick to long term investment.

if bankers disagree with me, you can come slap me in the face and i will make your car fly over the moon.

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All are gambling, properties too. Hard assets are susceptible to increasing property taxes.

Now all these unemployed foreign bankers will end up in singkieland due to the lax hiring policies. ..

Cum to Singapore. We can make room for you by replacing some sinkie bozos.

the whole world is developing, even africa, if you have guts, go for it. property general only direction is up, same applies for sinkie property.

SgGoneWrong said:

All are gambling, properties too. Hard assets are susceptible to increasing property taxes.

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