By the end of this year, Britain's four biggest banks will have axed 189,000 jobs around the world in the five years since the financial crisis broke, according to new calculations.
The figures, compiled by Bloomberg, show that Royal Bank of Scotland, Lloyds Banking Group, Barclays and HSBC will have cut their global headcount by 24% to a nine-year low of 606,000, compared with their pre-crisis peak of 795,000 in 2008.
Royal Bank of Scotland Holdings has axed 78,000 jobs since its £45bn taxpayer bailout in 2008. This includes 4,000 roles in its UK high-street banking business. Sir Philip Hampton, chairman of the bank, which is now 81% owned by the taxpayer, told shareholders this month that further job cuts could not be ruled out.
An RBS spokeswoman said the 78,000 job losses included 39,000 staff who had worked for Fortis and Santander when the three banks joined forces to launch a takeover of Dutch rival ABN Amro in 2007. This is now seen as one of the most disastrous acquisitions in business history, squeezing RBS's capital buffers to tiny margins and exposing the Edinburgh-based bank to rotten US sub-prime loans.
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| UK banks have reduced their global headcount by 24% since 2008 |
HSBC, Europe's largest bank, is down to 254,000 staff, compared with 313,000 in 2008. The bank infuriated unions last month when it described 3,166 job losses as "demising" roles. HSBC chief executive Stuart Gulliver plans to slim the bank further, cutting staff to 240,000 by the end of 2016 to trim costs and boost shareholder dividends.
An HSBC spokeswoman said the bank had made a net reduction of 1,100 jobs in the UK, once new positions were taken into account.
Lloyds, which received a £20.5bn bailout in 2008, will have cut 31,000 jobs by the end of this year, including 2,340 in 2013. The bank, now 39% owned by the British taxpayer, announced 850 job losses this month to cut costs, but was unable to give figures on how many of the 31,000 job losses were in the UK.
Barclays chief executive Antony Jenkins, appointed to clean up the bank after the Libor-rate rigging scandal, has said it may axe 40,000 roles in the coming years. Barclays will have cut 20,800 jobs by the end of this year since the start of the crisis. This includes about 5,500 jobs lost in the UK between 2008 and 2012.
The figures come after three of the four banks reported sharply improved profits. Last month, Lloyds posted first quarter profits of £2bn, up from £288m at the same time a year ago. HSBC this month said it made a quarterly pre-tax profit of $8.4bn, almost double the $4.3bn it reported at the same time last year. RBS swung to a £826m profit after a £1.4bn loss last time. Barclays last month reported adjusted first quarter profits had fallen 25% to £1.8bn, partly due to the cost of the bank's restructuring programme.
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Article source : http://www.guardian.co.uk
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