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By Belinda Goldsmith
LONDON, Oct 16 (Reuters) - Fears of job cuts and "bankerbashing" are taking a toll on the health of bank workers of alllevels, according to an international study published onWednesday that follows a trail of burnouts and tragedies in theworld of finance.
The study by Swiss-based UNI Global Union found more than 80percent of banking and insurance unions in 26 countries citeddeteriorating health as a major problem for their members in thepast two years, with many now working in a "climate of fear".
More than half of the unions in 16 countries from Europe,four from Asia and three each from Africa and Latin America saidmembers complained their personal lives were also underconsiderable strain as they battled the financial crisis.
Lynn Mackenzie, author of the report "Banking: The HumanCrisis", said bankers in the glass towers of finance were oftenblamed for the global financial crisis, but this finger pointingalso impacted bank workers lower down the pay chain.
"Bank employees are having to face angry customers,sometimes on a daily basis, whose lives are falling apart andthey blame the banks," said Mackenzie, adding the survey was oneof the widest pieces of research looking at bankers' health.
"But on top of this, managers at banks are putting pressureon staff to meet often unrealistic sales and performancetargets. This can be the tipping point into health problems."
The report comes a day after senior British banker HectorSants, head of compliance at Barclays, was signed offon medical leave until the end of the year suffering stress.
His leave echoed that of Lloyds Chief ExecutiveAntonio Horta-Osorio who took two months off in late 2011 aftersuffering sleep deprivation and exhaustion.
Two highly publicised deaths this summer also highlightedthe pressure facing workers in the finance sector.
Zurich Insurance is looking into the suicide ofits chief financial officer Pierre Wauthier and investigationsare ongoing into the death of Bank of America Merrill Lynch intern Moritz Erhardt who was found dead in his Londonlodgings having worked through the night several days running.
Mackenzie said the public had little sympathy for bankers but needed to realise it was not just highly paid executivesfeeling the strain, but workers at all levels and pay grades.
Unions cited stress as a key health issue, with workersconcerned about losing their jobs, being replaced by younger,cheaper or offshore staff, unfeasible sales targets, lowersalaries, and having to complete the same work with less staff.
The report found about 193,000 jobs have been slashed in thefinance sector in the 26 countries surveyed since mid-2011, andthe cuts were not over with restructuring ongoing.
"Pressure to cut costs and sell products has created aclimate of fear at many banks and workers are too worried abouttheir jobs to speak out or admit they are suffering mentally,fearing it will jeopardise their job," Mackenzie told Reuters.
UNI Global Union, which represents 900 service sector unionsinternationally, said it wanted a fairer approach torestructuring, limiting payments to shareholders and more doneby management to preserve jobs.
