Job losses loom in Britain’s banks even though the five big banks have made profits of £20bn last year.
However the combined profits at Barclays, HSBC, Lloyds Banking Group, RBS and Standard Chartered fell 13% in 2011. The payment protection insurance compensation punched a £6bn holes in profits and even more pressure because of the new regulation.
David Sayer, the Global Head of Retail Banking at KPMG informed that the way customers use banks will also result in several job losses. (AV)