Shed a tear for the bankers

March 30, 2015

For bankers, the bad news just keeps getting worse.

Back in October Data Dive noted the trend keeping year-over-year bonuses flat at many Wall Street banks in an effort to boost earnings. But at least those people had jobs. As this Reuters graphic shows, the 24 biggest banks in Europe and the U.S. slashed 59,000 jobs last year, with more cuts expected this year, particularly in the tumultuous euro zone. In 2014 RBS shed 8.3 percent of its workforce, the most of the big European banks; Bank of America Merrill Lynch’s 7.6 percent loss led the retreat on the U.S. side.

BankJobCuts033015-620

Many banks have had to sell or shut some programs in an effort to adhere to regulations, and digitization looms: a Citi analysis last month judged that 54 percent of banking sector jobs are at “high risk” due to less expensive electronic alternatives.

“In a world where growth is harder to come by, I’m more convinced than ever that costs will remain the strategic battleground for our sector over the coming years,” Barclays CEO Antony Jenkins said last week.

According to the Wall Street Journal, U.S. banks’ net income fell 1 percent in 2014, to $152.7 billion.

No comments so far

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/