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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
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- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Euro Banks Scale Back Projected Job Cuts
In 2015, 17 major banks in Europe projected about 130,000 job cuts in the coming years. By 2016, that number dropped significantly to just under 50,000. And now, some industry watchers think lenders might even recruit a little next year overall – that is, if the Trump stock market rally continues. Banks themselves, however, remain pessimistic and are looking to cut costs further, a signal of more layoffs.
The above numbers include Tuesday's the just-announced 14,000 jobs UniCredit plans to cut by 2019, and. of course, the expectations of such banks as HSBC, StanChart, Deutsche Bank and Credit Suisse.
"Banks seem to be reasonably content and comfortable with their size right now," said Richard Hoar, a director at recruitment firm Goodman Mason. "They've trimmed down a lot and might actually need to go up a bit next year if the market bounce continues."
One problem banks are having is that while they have cut back heavily in some areas, new rules and aging IT systems have forced them to bulk up their headcount in areas such as regulatory compliance and technology. As a result, hundreds of thousands of job cuts since the 2008 crisis have largely been offset by the bulking up in support numbers.
Overall, the number of people working in Europe's financial industry has stayed relatively steady. Total headcount at banks on the STOXX Europe 600 Banks Index .SX7P was 2,362,677 at the end of 2015, just 5.2% below the 2,491,125 employees in 2007.