Daily News: May 28, 2013

UK Banks Cut 189,000 with Employment at Nine-Year Low

Bloomberg reported that Britain’s four biggest banks will have eliminated about 189,000 jobs by the end of this year from their peak staffing levels in 2008, bringing employment to a nine-year low amid a dearth of revenue. More cuts may follow.

According to data compiled by Bloomberg, Royal Bank of Scotland, HSBC Holdings, Lloyds Banking Group and Barclays will employ about 606,000 people worldwide by the end of 2013, which is 24% below the peak of 795,000 in 2008 and the least since 2004, when they employed 594,000 globally.

To read the Bloomberg story click here.