You won’t believe how depressing employment in Asian banks can get

It's pretty grim for bank employees looking for a job.

According to Reuters the banking sector may have nowhere to turn to for immediate employment in the industry, as nearly all branches of finance have pulled back on hiring.

In the report, Joe Neitham, a recruiter at TRC Group in Singapore, said "There are plenty of resumes going around in the market right now, just not too many takers.”

Reuters noted that Nomura is said to be looking to shed about 700 staff. Credit Suisse has outlined 1,500 layoffs. Even Jefferies' Asia build-out and generous pay offers seem set to be reined in while the bank struggles with investors worried about its exposure to Europe. Virtually every foreign bank in Asia is cutting staff, as the news keeps getting worse.

View the full report here.