"The bank is going about things in such a way that all its brightest and best colleagues will simply take the initiative and leave, rather than risk the roller coaster to come."
Yesterday another bank, Barclays, announced that it was looking to reduce its employee headcount. It is expected that Barclays will also offshore hundreds of back office roles, with a cull of up to 2,000 staff across its international operations be consulted with staff.
Earlier this week a survey conducted by the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC) highlighted that financial companies are expecting job cuts to continue in the sector into 2013, following a number of reductions last year.
The report showed that 25,000 staff were cut during the fourth quarter of 2012, a higher figure than expected, with another 18,000 jobs expected to go over the next quarter.
The prospect of further restructuring among financial services organisations means that total job losses in the industry since the height of the financial crisis in 2008 will soon pass the 130,000 mark.
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