Big Bank Bust: Layoffs

The Tea Party Economist reports:

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.

Lenders have also sold or shut businesses to narrow their focus to avoid falling foul of regulators concerned that some have become too big and complex.

Analysts said that European banks, especially those in the euro zone, are likely to wield the knife again because they remain the most unprofitable in the world.

“The screws will stay tight on headcount,” said Aymen Saleh, managing director at Boston Consulting Group in London.

The trend in banking.