Friday, November 16, 2012

Banking job cuts near 160,000

The National Bank, Oamaru, built 1871: a prost...

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. Read more >>

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