The Guardian reports that Major banks have announced about 160,000 job cuts since early last year and with more layoffs to come as the industry restructures.
Unfortunately, investment bankers are bearing the brunt of the economic crisis and cost cuts. UBS recently announced mass redundancies and it is likely that others will follow this trend as banks continue to shrink.
There has been a rush by the banks over the last few months to bring redundancies forward before the bonuses are announced. This has been common practice in recent years as most banks will try to avoid making bonus payments if you are no longer employed at the bonus payment date. Of course, the obligation to pay depends on the terms and conditions of employment.
For expert redundancy advice or if you have a query relating to your contractual/discretionary bonus policy, please contact our employment law solicitors, operating from offices in Canary Wharf and the City of London on 0207 956 8699 or firstname.lastname@example.org.