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April 15, 2014

Europe’s top banks cut 80,000 more staff in post-crisis overhaul

“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 .SX7P rose 19 percent, outpacing the 17.4 percent increase in multi-sector stocks.”

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Read full Reuters article here.

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