Rarely has an industry lost so many jobs with such little effect.
It's already been a grim year for bankers' jobs. But it's not been the only one. In all, half a million jobs have been eliminated across the industry since the global financial crisis of 2008, according to Bloomberg News.
Despite the wave of firings, costs at investment banks remain stubbornly high - both in absolute terms and as a proportion of revenue. The cost-income ratio at UBS's investment bank is still 93%, the company said on Tuesday.
European firms were slower than their U.S. counterparts to eliminate jobs. Pay experts say average compensation per head has changed little over the past five years, largely because investment banks kept faith in an eventual rebound that would reward those that had kept experienced staff.
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