Bank jobs in peril as global debt crisis pinches profits

UK's big-name banks expected to put thousands of jobs at risk as profits are hit by the US and eurozone problems

the Observer

Suynday, 31 July, 2011

Britain's leading banks will put thousands of jobs on the line this week when they announce first-half figures dented by the lack of trading activity caused by the parallel crises in the eurozone and the US.

Exposures to the sovereign debt crisis will be scrutinised, as will any indications of the cost of "ringfencing" high-street businesses as recommended by the independent banking commission. Provisions to compensate customers mis-sold payment protection insurance will also hurt results, particularly at Lloyds and RBS.

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