Wednesday, August 24, 2011

European Bank Job ‘Bloodbath’ Surpasses 40,000

Gavin Finch and Liam Vaughan

UBS AG (UBSN)’s decision to cut 5 percent of its workforce brings to more than 40,000 the number of jobs cut by European banks in the past month as the region’s worsening sovereign debt crisis crimps trading revenue. UBS, Switzerland’s biggest bank, said yesterday it will eliminate 3,500 jobs, mainly from its investment bank. It follows HSBC Holdings Plc (HSBA), which announced 30,000 cuts on Aug. 1, Barclays Plc (BARC), which is cutting headcount by 3,000, and Royal Bank of Scotland Group Plc (RBS), which is eliminating 2,000 posts. Credit Suisse Group AG (CSGN) announced 2,000 reductions on July 28.

The banking industry overall is clearly re-shaping its cost base,” said Andrew Gray, banking leader at accounting firm PricewaterhouseCoopers LLP in London. “We may well see some further losses of jobs over the course of the second half of 2011. Exactly where is impossible to say, but we will see some further cuts from other institutions.”


  1. The impoverishment of the so called rich has begun. Only the Elite Rich will come out ahead. We will ALL be on the bread lines at some point.


  2. Here come 40,000 protesters to hit the street soon.

  3. 40,000+ angry Americans in the streets;
    "get out of the way"

    Beware the U.S. 'day of rage' September 17

    Continue reading on Beware the U.S. 'day of rage' September 17 - National Conservative |

    This is soooo Gerald Celente

  4. Shit man - with 149 weeks of mailbox money coming their way plus what they robbed while
    on the "job" these pricks are good to go for at least 4 years


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