'We’re moving into a phase of radical restructuring', Chris Harvey, global head of financial services at Deloitte LLP, said in an interview at the World Economic Forum in Davos, Switzerland. 'If you take the scenario the universal bank model is gone, then you have to go down the restructuring route and with that come job cuts. We’re about halfway through'.
European firms such as Barclays Plc (BARC), based in London’s Canary Wharf, and UBS (UBSN) AG are eliminating employees at a faster pace than most of their U.S. counterparts amid the sovereign-debt crisis. The region is grappling with a weakened euro-area economy, increased policing of banker compensation and regulatory pressure on firms to shrink quickly.
Hit the link below to access the complete Bloomberg article:
Financial Job Losses Near Four-Year High as Europe Leads Cuts
Deutsche Bank Debt Salesmen Said to Go Amid Pay Overhaul
Citigroup Fires Small-Business Bankers to Cut Costs
The Alchemists: Three Central Bankers and a World on Fire
Hubris: How HBOS Wrecked the Best Bank in Britain
