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The bulk of news about big banks during the past couple of months can be summed up with one dreadful word: layoffs. As the profit margins of major lenders have continued to get thinner, a number of banks have committed to restructuring their operations and started trimming their costs related to employment.
Few have noticed that in between the lines, some prominent firms, particularly in Europe, where job cuts have been more material, have committed to expanding their prime brokerage businesses. At a time when negative interest rates have been hurting big banks and excess costs have come into focus, top ... (read more)