The UK financial services industry is one of the largest sectors in the UK, employing around 400 000 people (more than any other industry except for the civil service and the health service). The productivity revolution that swept through the manufacturing industry a decade ago has now reached financial services. Because the industry is coming to restructuring late, the changes are being pushed through fairly fast. At Lloyds, the chief executive has predicted that up to 100 000 jobs will be cut from the industry this decade. The general consensus among the major UK banks is that there is enormous scope for rationalisation and a need to keep costs at an acceptable level in relation to income.
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