Banking Jobs News

As The Institute for Fiscal Studies has released The Mirrlees Report, with its radical recommendations for a far-reaching reform for the UKs tax system, Purely Banking asks: is there a political will to make the necessary adjustments to the creaking and overly complex system we have at the moment? What effect will this have on employment for those in the older age bracket?
 

Britain’s biggest Banks look set to escape any form of major restructure till 2015, till after the planned Election. The News about the delay comes amid a political consensus that the Banks focus should be on business lending to sustain the faltering Economy.

It has been announced today that new jobs being created in London's financial sector had dropped by 20 per cent following recent survey carried out by one of the cities leading recruitment agencies to the financial services markets. The drop is mainly due to disappointing results coming from the banking sector.

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How will the recruitment of investment bankers be affected by proposed reform to banking regulation? Is the speed of proposed banking reforms causing cracks in the coalition government?

Retail banking is under pressure as the trend in branch closures is continuing across the country. Figures from the British Bankers Association have revealed that 187 high street banks closed their doors last year, that’s more than 3 per week.
The biggest names in retail banking: Santander, Barclays, HBOS, Northern Rock, Royal Bank of Scotland and NatWest had 9,496 high street branches between them in 2009, by the end of 2010 that figure was down to 9309.

At first glance, the news is not good for Banking Jobs:

The biggest bank in the United States in terms of assets, Bank of America is to cut its staff numbers by 3500. They put this down to the global uncertainty in the financial sector and the fact that they are creaking under the weight of a problem loan portfolio in the region of $1 trillion. The bank is also trying to put their house in order to comply with the terms of the Volcker Rule.
This significant downsizing of banking jobs comes at a time when several banks around the world are looking to cut numbers; the 150 year old Swiss institution UBS, along with HSBC and RBS are laying off around 60,000 staff between them.