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Global bank job losses rise above 130,000

Banks worldwide are cutting jobs as stricter regulations and eurozone woes take their toll on trading income and investment banking units

Banks worldwide are shedding jobs as stricter regulations and eurozone woes take their toll on trading income and investment banking units.

Royal Bank of Scotland confirmed on Thursday it would axe about 3,500 investment banking staff, in an overhaul of the unit. It had already made about 2,000 investment bank job cuts in 2011.

The plans bring staff cuts announced since mid-2011 or reported to be in the works to 133,500 at major banks.

Many of the redundancies have already happened, although some of the jobs will lost over three or four years.

Several banks that cut staff early in 2011 began a second round at the end of the year, and recruiters have predicted there will be more to come if markets fail to rally. The job cut estimates are aggregates of these redundancy rounds.

They are likely to be conservative figures, as not all banks have announced cuts publicly, and the number does not take into account smaller investment banks, boutiques and brokers.

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