Research from PricewaterhouseCoopers has suggested that the banking industry is cutting back on recruitment in order to cope with slumping profitability and the cost of compliance with new industry regulations.
A total of 30,000 financial service jobs were cut in the last quarter of 2010, according to the PwC figures. The survey also predicted that a further 15,000 jobs will be shed in the financial services sector in the next three months. It will bring the total number of losses in the industry since the end of 2008 to more than 120,000.
The financial services company said their research had shown that the new regulatory costs were proving to be a particular bind for banks.
The company’s UK banking leader, Andrew Gray, said, “While almost all banks expect compliance spend to climb this year, they intend to reduce overall costs putting headcounts under continued pressure.”
In contrast, however, web recruitment experts Recruitment Genius are finding a marked rise in the asset management a securities sectors in the final quarter of 2010. The CBI director-general designate, John Cridland, confirmed this, “Whereas the banks expect business volumes to remain subdued next quarter, securities traders and investment managers have fared much better and are continuing to take on staff.”
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