World's biggest banks brace for asset reductions and job cuts

UBS, Deutsche Bank, Barclays, and Credit Suisse feel the heat of slashing costs.

According to a Bloomberg report, Europe’s biggest investment banks are concerned about negative earnings outlook and increasing capital demand.

In the report, JPMorgan Chase & Co. analyst Kian Abouhossein said that to weather the sovereign debt crisis, the four banks may cut more jobs and scale down some businesses to cut costs and build up reserves.

Bloomberg noted that the four banks have disclosed plans to shrink their combined risk-weighted assets by as much as $415 billion to prepare for stricter capital requirements under Basel III rules.

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