The restructuring in the European banking sector has led to the downfall of staff numbers by 1.2% in the in first half of this year, which is equivalent to 21,135 jobs, according to data compiled by Reuters.
The data was collected from 25 of the Europe’s 30 largest banks including Barclays, Deutsche Bank and UBS.
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The fall in the jobs was in spite of nine banks adding jobs in the first half of the year.
Nearly half of the fall is attributable to Dutch lender ING, which no more included Indian subsidiary ING Vysya Bank in its headcount figures, the report says.
US fared no better as the country’s four largest banks -JP Morgan, Bank of America, Citi Group and Wells Fargo – slashed around 23,300 jobs in the first half of this year, taking the total count of jobs cuts in the last 12 months to more than 52,000, which accounted for 5% of the total workforce.
Recruitment firm Kennedy Group’s CEO Jason Kennedy told the news agency that banks in 2014 do not hesitate to shut down businesses that are loss-making.
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By GlobalData"New-age banks have fewer people, less product and are less profitable."
