Western banks axed 59,000 jobs last year, more cuts to come in Europe

Top European and U.S. banks axed 59,000 jobs last year as they restructured and cut costs, with headcount expected to shrink further in Europe as bosses strive to improve profitability that has been hit hard by tougher regulation. "The screws will stay tight on headcount," said Aymen Saleh, managing director at Boston Consulting Group in London. Eighteen of Europe's biggest banks cut a combined 21,500 jobs last year, but that was less than half of the 56,100 jobs cut by the same banks in 2013, according to data compiled by Reuters. Boston Consulting's Saleh said that the majority of banks that have not restructured much could have to cut more jobs, though those that moved early could be in a position to add staff in selected areas.

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