Monday, April 14, 2014

Global banking crisis: How to be profitable when you can't do it the old fashioned way

Fire your workforce.

EU banks cut 80k positions in 2013 according to this story:

Spurred into action by falling revenue, mounting losses and the need to convince regulators they are no longer "too big to fail", banks across the globe have shrunk radically since the 2008 collapse of U.S. bank Lehman Brothers sparked the financial crisis. ... Europe's 30 largest banks by market value cut staff by 80,000 in 2013, calculations by Reuters based on their year-end statements showed. ... [I]n its heyday of 2008 . . . the 25 of the top 30 banks with comparable figures employed about 252,000 more than the 1.7 million they do today.