The global financial industry is in a downward spiral. More than 100,000 jobs have been lost in the banking sector across the developed world and more are no doubt on the way as the financial sector contemplates the horror of the EU debt crisis and the great deleveraging that continues to show no sign of abating.
Major international banks from the United States and the European Union are selling off units, restructuring, recapitalising, and shrinking their operations as they comply with stricter regulatory regimes and face poor economic growth in their main markets.
New trading rules has also reduced the prowess of commercial and investment banks in proprietary trading, commodity trading and more complex areas such as dark pools and high frequency trading, vastly reducing their money-making skills.
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