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HSBC’s reported job cuts signal that banks are struggling to find their postcrisis footing

“Before the financial crisis, banks could provide a quick fix to the bottom line by increasing lucrative areas such as proprietary trading, a unit where banks put their own capital at risk” writes Lina Saigol for marketwatch.com. Moreover, an onslaught of fines and litigation expenses related to aftermath of the 2008-09 financial crisis have also dragged down revenue and impinged profits.JPM, -0.04% were three of five banks fined nearly $900 billion (€1 billion) by the European Union’s competition watchdog for allegedly rigging the multitrillion–dollar currency market.The brutal reality is that revenues at banks are no longer growing faster than costs.The widespread culling of personnel among some of Europe’s biggest financial institutions might seem inevitable to some.
 
Source: marketwatch.com



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