The Traderszone Network

Published in TZ Latest News 29 March, 2015 by The TZ Newswire Staff

Western banks axed 59,000 jobs last year, more cuts to come in Europe

Top European and U.S. banks axed 59,000 jobs last year as they restructured and cut costs, with headcount expected to shrink further in Europe as bosses strive to improve profitability that has been hit hard by tougher regulation. “The screws will stay tight on headcount,” said Aymen Saleh, managing director at Boston Consulting Group in London. Eighteen of Europe’s biggest banks cut a combined 21,500 jobs last year, but that was less than half of the 56,100 jobs cut by the same banks in 2013, according to data compiled by Reuters.

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