29
Dec

Banks set for more belt-tightening in 2010

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After last year where they saw many of their perks cut, bankers in the United States are getting set to see more of the same in the upcoming year. It seems that they are looking at smaller expense accounts and flying coach as well as the threat of  layoffs like most other American workers.

They are aware is more legislation on the way from the White House that will cut off their appetites for the high life and sluggish loan activity have contributed to the fact that the banks are still in the throes of needing to tighten their belts.

And it seems that none of the banks are exempt.  Even the largest of the American financial institutions like Citigroup has found it necessary to trim almost $5 billion from its budget for next year. This is a trend that’s been repeated over and over again in many of the major financial institutions across the country and spokesman for most of them don’t see this trend reversing itself anytime in the near future.

Further, there is a whole new set of restrictions placed being on them by the federal government including the latest one on overdraft fees.

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