By Max Clarke
Tens of thousands of jobs are to be cut from the nation’s leading banks this week, as the institutions’ half-year statements are published.
HSBC alone are reported to be shedding up to 10,000 from their UK operations, with thousands more from Lloyds and Barclays.
Many are expected to show declining profit levels, reflecting the changing nature of banking. Project Merlin agreements and new regulation in the industry has made banking more expensive and less profitable since the financial crash, forcing banks to increase efficiency.
Many of the job losses are the result of increased automation, with many lower staff roles having been outsourced or replaces by computers.
Other factors driving down profit levels include the billion-pound PPI repayments fiasco.
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