Study: Banks implementing fewer job cuts

15 October 2012

Major banks across the world are decelerating their rate of redundancies as the financial sector shows tentative signs of recovery, a new study has revealed.

Research published by Bloomberg today (15 October) established that job cuts in the banking industry have gradually declined in number since hitting a peak last summer.

For instance, data from 50 large lenders has showed that around 22,500 redundancies have been disclosed so far in 2012 - a figure that represents a marked fall on the level of 106,000 recorded in the final five months of 2011.

Bloomberg noted this downward trend has been driven primarily by the fact there is a widespread expectation that the financial performance of major banks will improve in the near future.

Jeanne Branthover, head of financial services practice at Boyden Global Executive Search, told the news source: "Financial services are getting back to some sort of norm. They don't want to be as volatile and they're really trying to handle their hiring and firing better."

By Asim Shah

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development