Job losses at UK banking groups exceed 300,000 since the financial crisis kicked off ten years ago today.
Royal Bank of Scotland (RBS) employee numbers are down from 226,000 ten years ago to a mere 76,000 today while HSBC is down from 313,000 to 241,000.
It was on 9 August 2007 that France’s largest listed lender BNP Paribas froze €1.6bn of funds citing US subprime mortgage sector woes – the event widely recognised as kicking off the crisis.
BNP’s actions spooked the markets and sparked a sell-off. It blamed a complete “evaporation of liquidity” for its actions.
The UK’s largest retail bank Lloyds Banking Group has shed the equivalent of 47,500 full time posts in the past decade.
At the time of Lloyds government-sponsored acquisition of Halifax Bank of Scotland, the newly merged group employed 132,000. Today, LBG employs 76,000 with TSB employed at the spun-off TSB.
Santander’s UK operations comprising former mutual Abbey National, Bradford & Bingley and Alliance & Leicester have shed a net 12,000 positions since the crisis, down from 31,000 to 19,000.
More than two in three jobs have disappeared at Cooperative Bank. Pre-crisis, the Coop (and Britannia Building Society its post-crisis merger partner) employed 12,000; today that figure has collapsed to 3,900.