Escalating bank layoffs still far from over
The size and nature of the latest round of staff cuts suggests the banks believe the decline in business activity will last for some time.
While the scramble to raise capital by most major banks over the past few months has left no doubt about the seriousness of the financial crisis, the current wave of layoffs gives a clear indication that the banks expect it to last for some time yet. The percentages vary from bank to bank, but the cutbacks announced so far have all been significant as the firms position themselves for another slow quarter û at least.
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