Fear of job cuts takes a toll on bankers

Fears of job cuts and "banker bashing" are taking a toll on the health of bank workers of all levels, according to an international study by Swiss-based UNI Global Union which tracks a trail of burnouts and tragedies in the world of finance.

The report states that about 193,000 jobs have been slashed in the finance sector in the 26 countries surveyed since mid-2011, and the cuts did not end with restructuring activities. As a result, more than 80 per cent of banking and insurance unions in 26 countries cited deteriorating health as a major problem for their members in the past two years, with many now working in a "climate of fear". More than half of the unions in 16 countries from Europe, four from Asia and three each from Africa and Latin America said members complained their personal lives were also under considerable strain as they battled the financial crisis.

Lynn Mackenzie, author of the report "Banking: The Human Crisis", says: "Bank employees are having to face angry customers, sometimes on a daily basis, whose lives are falling apart and they blame the banks", adding the survey was one of the widest pieces of research looking at bankers' health."But on top of this, managers are putting pressure on staff to meet often unrealistic sales and performance targets. This can be the tipping point into health problems."

http://uk.reuters.com/article/2013/10/16/uk-banking-stress-idUKBRE99E18620131016