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Bank Layoffs And Scandals Continue

barclays-bankjuniper-financial_logo_603Barclay’s (BCS) is expected to announce a plan to layoff approximately 10% of its 23,000 investment banking employees early in 2013. Although the bank has not given any official details, it is generally believed that the job cuts will happen mostly in Asia and Europe. Barclays is going through a massive overhaul following the departure of its controversial chief Bob Diamond and Chairman Marcus Agius after a series of scandals, most notably the Libor manipulation. Barclays was fined £290 million ($469 million) over the Libor case. UBS just admitted to committing fraud and settled for a $1.5 billion fine. The Royal Bank of Scotland (NYSE:$RBS) is likely to settle this soon.

Besides Barclays, every other major bank has been going through an “overhaul” which includes layoffs. So far, since the end of 2009, HSBC (HBC) and the Bank of America (BAC), two of the largest banks of their respective continents, have announced the biggest job cuts of 30,000 each. HSBC recently reached a record $1.92 billion settlement with U.S. regulators over money laundering and operating in violation of U.S sanctions against Burma, Cuba, Iran, Libya and Sudan.
Read the rest over at Seeking Alpha.

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Peter Pham is an author, international fund manager, and a registered financial director by the Cayman Monetary Authority (CIMA). In 2013 he published his first book entitled, The Big Trade: Simple Strategies for Maximum Market Returns. He currently manages the portfolio of a global hedge fund and runs an asset management company, Phoenix Capital.  (read more)

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