Consolidation breeds epidemic of job insecurity for bankers

The wave of consolidation gripping the banking industry is generating high levels of job insecurity among bankers. In 1995, 54,000 jobs were eliminated by banks, and a further 14,200 cuts were made by May 1996. Two-thirds of bankers who have been dismissed from their jobs have had to look for work in new professional fields. Banks contend that restructuring will contribute to the long-term growth of the industry and eventually help create more jobs.
When First Banks System Inc. agreed to buy First Interstate Bancorp. last November, a jubilant Patricia Stuhff handed out sunglasses at a downtown Los Angeles pep rally. 'Our future's so [...]