Bankers are finally feeling the pinch after three years of bumper profits and big bonuses despite government bailouts in the wake of the global financial downturn.
Major western lenders have announced more than 69,000 job cuts this year as they trim costs in anticipation of lower revenues.
The carnage is sweeping both sides of the Atlantic, with big layoffs at HSBC and Lloyds Banking Group in London and Bank of America and Goldman Sachs in the US. But the trouble is most pronounced in Europe, where a sovereign debt crisis continues to rattle policymakers and global markets.
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