The banking industry shed about 330,000 jobs during the recent financial crisis. If at least one analyst is correct, another 80,000 could shortly be following as revenue growth at the largest banks in the developed world begins to slow. Meridith Whitney, who predicted Citi's dividend cut in 2007 and has subsequently gone on to start her own firm, also believes that cuts will come after what is likely to be a subdued bonus season.
While offices in developing markets may continue to hire, it is believed that the impact of slowing growth and regulatory changes in the US and Europe will be too great to be counterbalanced by the positive impact of the more rapidly expanding regions.
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