News: Europe's top banks cut 80,000 more staff

Strategic HR

Europe's top banks cut 80,000 more staff

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 across the globe have shrunk radically since the 2008 collapse of U.S. 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 euro zone's future, the benchmark Stoxx Europe 600 Banks index rose 19 percent, outpacing the 17.4 percent increase in multi-sector 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.

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 across the globe have shrunk radically since the 2008 collapse of U.S. 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 euro zone's future, the benchmark Stoxx Europe 600 Banks index rose 19 percent, outpacing the 17.4 percent increase in multi-sector 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.

Read the Financial Express news report here.

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Topics: Strategic HR, #Current, #International

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