Europe鈥檚 big banks cut staff by another 3.5%
Print Edition
EUROPE'S largest banks cut their staff by another 3.5 percent last year and the prospect of a return to pre-crisis employment levels seems far off, despite the region's fledgling economic recovery.
Spurred into action by falling revenue, mounting losses and the need to convince regulators they are no longer "too big to fail", banks globally have shrunk since the 2008 collapse of US bank Lehman Brothers sparked the financial crisis.
Last year, the tide of bad news began to turn for European banks, which are among the region's largest employers.
Helped by recovering economies and receding fears for the eurozone's future, the Stoxx Europe 600 Banks index .SX7P rose 19 percent, outpacing the 17.4 percent rise in stocks.
But despite the improved outlook, Europe's 30 largest banks by market value cut staff by 80,000 in 2013, calculations by Reuters based on their year-end statements showed.
Hiring firms warn workers' hopes for a turnaround this year could be misplaced, bad news for countries like Spain where unemployment is 26 percent.
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