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European Investment Bank Plans To Slash Costs

2011/7/26 15:58:00 31

European Investment Bank Plans To Slash Costs

Because

paction

European banks are expected to sharply cut costs by falling revenues and worrying about the risk exposure to heavily indebted countries in the region.


Rui Yin (UBS) employees are ready to receive the news of 5000 redundancies in the group today. Rui Yin and Deutsche Bank will take the lead in announces quarterly results today.


Credit Suisse and Barclay (Barclays) also plan to lay off workers as banks try to cut spending in order to achieve ambitious earnings targets.


The Financial Times reports that analysts expect

Europe

Investment banks will have the same decline as Bank of America.

Among the four largest investment banks in Europe, Credit Suisse's earnings from fixed income, foreign exchange and commodity sectors are expected to be the largest. Morgan Stanley expects the bank's second quarter earnings to decline by 41%.


 
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