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European Banks Slash Jobs

Wall Street Journal - Jul 26, 2011

European banks are cutting jobs to save on costs, as weaker earnings in key business lines and coming regulations bite into their profits.

UBS AG on Tuesday said it would reduce its workforce by an undisclosed amount as part of a plan to reduce costs by up to 2 billion Swiss francs ($2.48billion). The move came as it reported a near-halving in second-quarter net profit, to 1.02 billion francs, in part from a sharp drop in fixed-income revenue.

Rival Credit Suisse Group is likely to announce that it is laying off as many as 1,600 people when it reports on the quarter Thursday due to expectations of a similarly weak showing in fixed income, a person familiar with the matter said.

U.K. banks, including Lloyds Banking Group PLC, Royal Bank of Scotland Group PLC and Barclays PLC, also have been reducing their staff numbers, in efforts to make their businesses more efficient. The job losses are spreading overseas, too, with Barclays, Lloyds and HSBC Holdings all recently announcing plans to shut down some of their foreign units.

Read Full Article from Wall Street Journal

- Posted: 2011-07-26 11:58:29

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