The financial services employment in the United Kingdom declined for the second successive quarter as the banks cut costs amidst limitations on capital and strict regulation, according to a survey carried out by an association of British Industry.
39% of the enterprises that were questioned stated that they suppose that the employment will fall down, whereas more than the 26% plan to raise the headcount in the next quarter, according to a market study published on Monday by the biggest lobby group of Britain and the PricewaterhouseCoopers LLP. The transactions weren’t changed in banking and construction societies for the quarter that ended in March, with the latter getting stabilized after a sharp decline in the previous quarter, the survey states.
The director of economics of CBI, Mr. Rain Newton-Smith, told in a statement that the headcount in financial services declined for a second successive quarter, propelled by cutting of staff in number by the banks as they make their business function leaner. Banks are re-aiming activities in a response of new capital rules and regulatory demands.
The Royal Bank of Scotland Group Plc. may cut down more than 2/3rd of the jobs they provide in the field of investment-bank to curb the securities unit and target on the consumer market of the United Kingdom. The bank may eradicate as many as fourteen thousand jobs at the investment bank, stated a person, who did not want to be named as the details are private.