Pedestrians walk past the columns of the Bank of England, in the City of London in this February 15, 2011 photo. REUTERS/Andrew Winning
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Dwindling job security, heavier workloads, regulatory upheaval and the poor public image of the banking sector are taking a toll on the mental health of Britain's bank workers. Eight years after the global financial crisis, stress in the industry has pushed up demand for insurance to protect revenues against the cost of paying staff too sick to work, insurance data show.Ten of Europe's largest lenders have axed 130,000 jobs since June, Reuters data shows.Some 85 percent of respondents, mainly working in retail and back-office roles at Lloyds Banking Group, Royal Bank of Scotland, HSBC and TSB, said they worked additional unpaid hours last year.Several U.K. lenders have teamed up with the Bank Workers Charity to provide training for line managers on supporting stressed staff more sensitively.The biennial Staying@Work Survey, which covers around 1,700 companies worldwide, showed more than four-fifths of employers thought a lack of work-life balance and excessive organizational change were the biggest burdens on staff.But 69 percent of employees said their top concern was inadequate staffing, followed by 65 percent who identified poor pay.
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