European bank 2011 job losses 'reach 67,000'

24 August 2011

The number of job cuts made by European banks in 2011 has increased to 67,000 following the announcement from UBS that it is to cut five per cent of its workforce.

It means the past month has witnessed 40,000 redundancies alone, with Switzerland's largest lender eliminating 3,500 positions - predominantly from its investment banking arm, Bloomberg reports.

The action comes after HSBC revealed it will reduce worker numbers by 30,000, while Barclays is to dispose of 3,000 employees and Royal Bank of Scotland and Credit Suisse - which was founded in 1856 - will be cutting their workforces by 2,000 each.

Jonathan Evans, chairman of Sammons Associates - an executive search firm - described the situation as a "bloodbath".

The industry figure noted: "I cannot see a lot of those who have lost their jobs getting re-employed. Regardless of how good someone is, no one wants to talk about hiring."

By Asim Shah