Whatever Bernanke says won't matter. It looks like "Game Over" for the Euro Zone.
European banks are cutting jobs at the fastest rate since the collapse of Lehman Brothers, eliminating about 67,000 roles so far this year, according to Bloomberg data.
European banks are slashing jobs six times faster than their U.S. peers, as concerns about the creditworthiness of Italy, Spain and France roil financial markets.
UBS, Switzerland?s biggest bank, said yesterday it will eliminate 3,500 jobs, mainly from its investment bank. It follows HSBC Holdings Plc (HSBA), which announced 30,000 cuts on Aug. 1, Barclays Plc (BARC), which is cutting headcount by 3,000, and Royal Bank of Scotland Group Plc (RBS), which is eliminating 2,000 jobs. Credit Suisse Group AG (CSGN) announced 2,000 reductions on July 28.
"It's a bloodbath, and I expect things to get worse before they get better," said Jonathan Evans, chairman of executive- search firm Sammons Associates in London. "I cannot see a lot of those who have lost their jobs getting re-employed. Regardless of how good someone is, no one wants to talk about hiring. Life will be very difficult for two or three years."
Recently, RBS has tumbled 49 percent, Barclays 44 percent and France?s Societe Generale (GLE) SA 48 percent, despite a shortsell ban.
