Layoff announcements at European banks are piling up.
In just the past month, UBS, Barclays, Credit Suisse, RBS, and HSBC have announced thousands of layoffs. Now they’re up to over 40,000.
The layoffs are unfortunately necessary as Euro banks are struggling to cope with an increased regulatory environment, the crisis in the Eurozone, and dwindling investment bank profits.
The latest announcements:
UBS – 3,500 job cuts, mainly from its investment bank.