expressindia.indianexpress.com
expressindia web
HomeBlogsCricketAstrology ShoppingTendersClassifieds Reader Comments
Font Size
Expressindia » Story

Banking job cuts near 160,000

Agencies

Posted: Nov 16, 2012 at 1306 hrs IST
Banks worldwide are shedding jobs as stricter regulations and euro zone worries take their toll on trading income and investment banking units.   (Reuters)

London Banks worldwide are shedding jobs as stricter regulations and euro zone worries take their toll on trading income and investment banking units.

Many began outlining layoffs plans 18 months ago and are now cutting more deeply as they reassess their entire business to cope with tougher capital rules, while some are cutting because of acquisitions or mergers they are involved in.

Switzerland's UBS in October added 10,000 job cuts to the 3,500 it had earmarked last year, after deciding to exit most of the rates and debt trading.

Staff cuts announced since mid-2011 or reported to be in the works at major banks have now reached 158,000.

Below are aggregates of various redundancy rounds. They are likely to be conservative figures, as not all banks have announced lay-offs publicly, and the number does not take into account smaller investment banks, boutiques and brokers. The data also shows the net job losses (or job additions) at these firms since the end of 2009, when the euro zone debt crisis began.

Job cuts announced since 2011: 157,969

Jobs lost at these firms since end 2009: 167,216

Jobs created since 2009: 83,553

Net jobs lost since end 2009: 83,663

Print
 
Post Comments
Name* Email ID*
Subject* Country*
Message*
Characters remaining
 
TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).
I agree to the terms of use.

Latest News

Business

Showbiz

Sports

Trouble mounts for Sreesanth as Mumbai cops gather more evidence

Kings XI Punjab end IPL 2013 campaign with a win

5 differently abled orphan girls beaten, raped in Jaipur residential school

Karnataka CM Siddaramaiah inducts 28 ministers, keeps tainted away

Infiltration bid foiled near LOC, two army men die in ambush

1993 serial blasts case: Sanjay Dutt surrenders before TADA court

No arrest for posts on social sites without permission: Supreme Court

More
© The Indian Express Limited. All rights reserved
Advertise With Us | Privacy Policy | Feedback | Express Group | Site Map