David Sayer
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Job losses loom at UK banks due to new regulations

Job losses are on the way at Britain's banks even though the big five made combined profits of nearly £20bn last year.

However, combined profits at Barclays, HSBC, Lloyds Banking Group, RBS and Standard Chartered fell 13% in 2011.

Payment protection insurance compensation punched a £6bn hole in profits and more pressure is on the way from new regulation.

David Sayer is Global Head of Retail Banking at KPMG and says the way customer use banks will also contribute to the job losses.

  • 19 Mar 2012