Smaller U.S. banks which have held back on broad cost-cutting are now slashing jobs as they try...


Smaller U.S. banks which have held back on broad cost-cutting are now slashing jobs as they try to adapt to tougher competition, profit-squeezing regulations and poor loan volume. More than 2,500 banks cut their staff in Q3, with the cuts more likely to be part of a "new normal" than a temporary downsizing.

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  • 7footMoose
    , contributor
    Comments (2229) | Send Message
     
    Banking is like every other industry. If your employees are not driving profits forward you do not need them. There is low loan demand. There is chaos in banking regulation. There is uncertainty in real estate values both commercial and residential. There is the prospect of a global financial melt down from an EU collapse. What other incentive is needed to lower future profit expectations and head count?
    30 Nov 2011, 05:23 AM Reply Like
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