Almost 30,000 lay-offs have been announced since April at banks including HSBC, Barclays, Société Générale, Citigroup and Deutsche Bank.
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Investment bank job cuts near 30,000 as outlook sours
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Bank executives are under pressure from investors to cut costs and protect profits. Since long-term US interest rates began to fall in November, the KBW index of US bank shares has fallen 5 per cent, while the S&P 500 has risen by 6 per cent. The Stoxx index tracking European banks has lost 16 per cent since November to hit a three-year low.
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