The Eurozone’s ongoing debt crisis has pushed mergers and securities fees to a nine-year low, and investment bankers in the region are bracing themselves for yet another bout of job cuts.
According to the Daily Star, “Credit Suisse Group AG and UBS AG, Switzerland’s biggest lenders, face the most pressure to boost efficiency as that country runs ahead of others in introducing tougher capital and liquidity rules to curtail risk taking, making some businesses unviable.”
The situation is not limited to Switzerland, however. Economies across the globe are struggling, as capital requirements tighten and the debt crisis remains unresolved.
Edward Cumming-Bruce of Gleacher Shacklock LLP explained: “Bankers are really gloomy and a lot of people are worried about their jobs.”
He added, “Banks are under remorseless pressure to cut costs and balance sheets as we witness a significant change in the way the financial industry works.”