Europe’s Top Banks Cut 80,000 More Staff
April 13th, 2014Ah yes, it’s nearly time for riot season in Europe.
Via: Reuters:
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.
