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100,000 bank jobs 'go since crunch'

Tuesday September 14th 2010

Around 100,000 finance jobs have been lost since the start of the banking crisis three years ago and there are fears of further "significant" cuts ahead, according to a new report today.

On the third anniversary of the run on Northern Rock and the start of the banking crisis in the UK, union Unite said little had changed to improve the regulatory regime and prevent a future crisis.

Despite the "astronomical" staff cuts, the financial sector was reporting a return to profitability, it said.

National officer Rob MacGregor said: "Today marks three years since the spectacular scenes of the run on Northern Rock which sparked the events which saw a banking crisis across the UK. While 100,000 hardworking UK taxpayers have become scapegoats and lost their jobs in banks and call centres, little has changed for the banking spivs.

"Reform of the financial services industry has been too slow, too timid, and done nothing to change the culture of those at the top of the industry. Customers now see their finance choice dominated by a few large players controlled by shareholders in the market.

"While the banks cut customer service staff, investment bankers continue to extend their risky activities and the salaries and shares of these bankers continue to increase to colossal heights.

Copyright © Press Association 2010

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