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Western banks axed 59,000 jobs last year, more cuts to come in Europe
LONDON (Reuters) - Top European and U.S. banks axed 59,000 jobs last year as they restructured and cut costs, with headcount expected to shrink further in Europe as bosses strive to improve profitability that has been hit hard by tougher regulation.
Eighteen of Europe's biggest banks cut a combined 21,500 jobs last year, but that was less than half of the 56,100 jobs cut by the same banks in 2013, according to data compiled by Reuters.
Six of the biggest U.S. banks cut a total of 37,500 jobs last year, having shed 45,700 in 2013.
That means more than 160,000 jobs have been cut across the 24 banks in the past two years. The six U.S. banks shed 7.3 per cent of staff in the period, against 4.1 per cent for the Europeans, the data shows.
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30-03-2015, 09:10 AM
Western banks axed 59,000 jobs last year, more cuts to come in Europe
