European investment banks will cut staff costs by at least a fifth and shed tens of thousands of jobs in the next few years, consultants and recruitment experts estimate, as much tighter regulation and a weak economy is prompting them to rethink their business models.
UBS’s decision last week to cut 10,000 jobs has shone a spotlight on a sector that, five years after the financial crisis, is still trying to come to grips with its notorious inefficiency.
“Many trading businesses have been built around revenue maximisation – cost management disciplines have played second fiddle,” says Adrian Harkin, partner at KPMG.
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