The Western European banking sector currently employs just fewer than 3 million people. According to a study by Roland Berger, between now and 2016 approximately 900,000 employees in the sector will lose their job. This comes down to, including 2012, approximately 180,000 discharges a year. In the case the banking sector remains in a so-called ‘stress-scenario’, then the number of layoffs will double to an incredible 1,8 million.
The massive amount of discharges is part of restructuring the sector aimed at recovering – savings between €40 to €70 billion need to be realized.
Photo Roland Berger - Banking Study 2
In the report the strategy consulting firm also calculates what would happen if the banking sector ends up in a ‘stress-scenario’ in the coming years. The scenario, comparable to the usual ‘worst-case’ scenario’s, would lead to a doubling of the number of lay-offs from 800,000 to 1.8 million. An overview of the scenario’s”.
Photo Roland Berger Banking Study 4
Discharges 35% of total needed savings
In a previous article, Consultancy.nl zoomed in on how banks will realize the massive savings. Redundancies of employees accounts for 35% - the remaining 65% will come from operational savings in support functions, improved real estate management and a strong reduction in external expenses.