The litany of layoffs among the largest banks continues. And it’s ugly. After announcements and rumors from Wall Street, the first European banks have come out to air their dirty laundry. And now, per the Financial Times, Royal Bank of Scotland (RBS) is adding 2,000 layoffs to the list. 63,000 by eight European banks so far. Something big is afoot.
This follows lumpy to plunging earnings announcements, declining or stagnating revenues, uncertain to dire forecasts, and junk on their books that hasn’t been written down yet. It seems the free money from governments and central banks has already disappeared.
That’s just the first wave of European banks. The largest French and German banks haven’t made major announcements yet but most likely will. And if you’re looking for a job in banking, it may be better to move to a developing country. HSBC plans on hiring 15,000 people there.
Enjoy reading WOLF STREET and want to support it? Using ad blockers – I totally get why – but want to support the site? You can donate “beer money.” I appreciate it immensely. Click on the beer mug to find out how:
Would you like to be notified via email when WOLF STREET publishes a new article? Sign up here.