“U.K. banks’ share of global industry profit fell by half to 5 percent since 2007 as Chinese lenders gained during the financial crisis, according to research by The Banker magazine.
Chinese banks saw their share of pretax profit soar to 29 percent in 2012 from 4 percent in 2007, according to the study of 1,000 lenders published today.
U.K. bank earnings slumped in the period as companies including Royal Bank of Scotland Group Plc were bailed out by taxpayers and compelled to write down the value of loans, cut jobs and sell assets. Britain’s four largest lenders will have eliminated about 189,000 jobs by the end of this year from their peak staffing levels, bringing employment to a nine-year low, according to data compiled by Bloomberg….”
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