Financial News Feeds
Bank job cuts rise as outlook worsens
Renée Schultes and Dawn Cowie
01 Dec 2008
01 Dec 2008
 |
Friday
09 January 2009
01:37 GMT
Ten, or even 20, is the new five. The figure refers to the percentage of staff cut annually by investment banks. As the industry prepares for what is expected to be a return to 2003-like revenues in 2009, investment banks are starting to reduce staff more aggressively and higher up the ranks. Recruitment consultants suggest investment banks may cut as much as 30% of their staff in this downturn.
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