Europe’s 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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
