Bad News for [Swiss] Bankers

Barclays announces that it is cutting 3,000 jobs. This, coupled with the news from HSBC yesterday that they will continue to cut 30,000 jobs throughout their worldwide banks by 2013 sets a dim prospect for British Banks.

Still, it could be worse. You could be Swiss.

UBS and Credit Suisse last week said that second-quarter earnings dropped 71%. And today their stocks dropped for the seventh consecutive day. It seems to be a consequence of the fragility of the Spainish, Greek and Italian economies and the debt limit lift over the Atlantic.  This could have an effect on other European banks that are expected to follow the trend.

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