Are Banks Serious About Cutting Costs?
It may appear that the banking sector is once again vigilantly exercising prudence and going all out with their cost-cutting measures in case another global economic and financial crisis is on the horizon.
The sector is shedding thousands of jobs – 5,000 alone in 2011 from Hong Kong’s HSBC with another 25,000 reported to be cut by the end of the year. Across the sector, as many as 60,000 jobs are set to disappear globally, according to news reports. The job cuts, as the banks’ press releases usually say, are the last resort in order to cut costs and boost profitability during the challenging times that are coming.