FX.co ★ UK bankers warm to ... labour market

The сontinent's economic downturn as an aftermath of the U.S. mortgage crisis is still one of the main problems for the world's leading countries. Even five years later its consequences are catastrophic. The companies all over the world continue to minimize their financial costs by cutting staff. The financial institutions suffered the most, so they had to apply for a governmental aid. Despite the strong measures oriented towards situation improving, the state of affairs on labor market is only getting worse. The massive personnel reduction is also carrying on in Great Britain. HSBC, Royal Bank of Scotland, and Barclays have already dismissed 59,000, 78,000 and 20,000 people correspondingly, and till the end of the year more than 3700 employees will lost their job. Another major U.K. banking services company Lloyds, it trimmed 31,000 jobs.
According to Bloomberg analysts' forecast, by the end of 2013 the largest banks of the United Kingdom will employ about 606,000 workers globally. That is the least since 2004 and 24% less than in 2008. As a result of forced asset sales due to overcoming the crisis, banks will eliminate 189,000 working places.