Top firms cut 59,000 jobs

Axe In Wood

Some banks are likely to wield the knife again.

Top European and U.S. banks axed 59,000 jobs last year as they restructured and cut costs, with headcount expected to shrink further in Europe as bosses strive to improve profitability that has been hit hard by tougher regulation.

Reuters reports that banks have also sold or shut businesses to narrow their focus to avoid falling foul of regulators concerned that some have become too big and complex.

Analysts said that European banks, especially those in the euro zone, are likely to wield the knife again because they remain the most unprofitable in the world.

To access the complete Reuters article hit the link below:

Western banks axed 59,000 jobs last year, more cuts to come in Europe

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