European banks slash jobs amid economy fears
SOME of the biggest banks in Europe are slashing jobs amid expectations market conditions are set to darken in coming months.
By LANA CLEMENTS
Express.co.uk
Mon, Jul 25, 2016
Spain’s BBVA is axing at least 1,500 jobs, while Italy’s UniCredit and France’s Societe Generale are also set to cut thousands of jobs, according to the Financial Times.
Britain’s vote to leave the European Union (EU) is set to the bloc’s growth prospects in the coming years, which is expected to hit banks’ profits.
Interest rates are also set to stay lower for longer, which also puts additional pressure on to lenders.
Later this week results of stress tests will show how well banks can cope with market shocks and economic downturns.
Italy’s banks are among the biggest cause for concern, with the firms saddled with billions of pounds worth of bad loans.
It’s feared the loans could tip the banks over the edge and following Britain’s vote to leave, the Italian bank stocks were among the worst hit as investors rushed to sell.
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