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Economics

‘Bloated’ London Banks Shrink in City as Europe Takes Aim

London’s Square Mile is shrinking faster than any financial center in the world.

Having fired more employees than in any other country last year, the capital’s banks are facing falling trading revenue, attacks from politicians to reduce pay and more job cuts. The U.K. government wants banks to split their consumer and investment banking units while European Union leaders are pushing to tax individual trades by the end of this year.