Britain\u2019s four biggest banks will have cut a quarter of their staff worldwide by the end of this year from peak staffing levels of 2008.<\/p>\n
\nThousands of jobs are Royal Bank of Scotland, HSBC, Lloyds and Barclays will employ The firms are under pressure to reduce costs as bank\u2019s incomes \n\u201cThe continuing cost-cutting announcements you\u2019ve been \n\u00a0\u201cThe big bulky mass layoffs, such as they were, are More cuts may follow as RBS and HSBC have recently announced The job losses at RBS were announced after the bank\u2019s annual Last year, the British banks have been at the center of LIBOR Last year \u00a0RBS, the biggest state-owned British bank, was During its annual general meeting this month, RBS chairman Sir
\ntargeted as British banks centered in LIBOR rigging and insurance
\nmis-selling scandals continue to cut costs.<\/span><\/p>\n
\nabout 606,000 people worldwide by the end of 2013, according to
\nBloomberg. That\u2019s 24 percent below the peak of 795,000 in 2008 and
\nthe least since 2004, when they employed 594,000 globally. Bank
\nlayoffs are adding to the UK’s current 7.8% unemployment.<\/p>\n
\nshrink due to the Europe\u2019s sovereign debt crisis suppressing
\nlending. The four firms posted \u00a3108 billion ($164 billion) of
\nrevenue for 2012, 13 percent less than in 2008.\u00a0<\/p>\n
\ngetting reflect an incredibly difficult revenue environment and
\nthat\u2019s new,\u201d<\/i> Bloomberg quotes Simon Maughan, an analyst at
\nOlivetree Securities Ltd.\u00a0<\/p>\n
\nprobably gone, but that\u2019s not to say staff numbers wont drift lower
\nbecause it\u2019s a struggle to grow the top line\u201d,<\/i> he adds.<\/p>\n
\nthey are continuing layoffs as part of the restructuring
\nprocess.\u00a0<\/p>\n
\ngeneral meeting was hit with shareholder protests over its \u00a3607m of
\nbonuses awarded to executives last year when it lost
\n\u00a35.2bn.\u00a0<\/p>\n
\nrigging and insurance mis-selling scandals , that costs Barclays\u2019 a
\n$4.1 billion charge. \u00a0Reports suggest, increasing litigation
\ncosts and mounting losses have necessitated aggressive cost cutting
\n\u2014 which results in the layoffs.<\/p>\n
\nfined $610m by UK and US authorities for its part in the Libor
\nrate-fixing scandal. \u00a0The bank\u2019s annual losses ballooned to
\n$9.05 billion in 2012 from $3.03 billion in the previous year.<\/p>\n
\nPhilip Hampton admitted that it had, like other banks, been through
\na “chastening” year in 2012 “fixing the mistakes of the past but
\nalso laying the foundations for a secure, profitable
\nfuture”<\/i>\n<\/p>\n