# Professor Roy Smith explains why Europe's banks are cutting jobs in Latin America

1 Faculty News November 13, 2015 ![Bloomberg logo](/sites/default/files/styles/246w/public/assets/images/bloomberg192x144.jpg?itok=yV529lwz)>

Excerpt from [Bloomberg](http://www.bloomberg.com/news/articles/2015-11-13/europe-s-top-banks-are-cutting-losses-throughout-latin-america) -- "'All large European banks are under great pressure from regulatory changes and low stock prices to change their business models,' [Roy Smith](http://www.stern.nyu.edu/faculty/bio/roy-smith), a finance professor at New York University’s Stern School of Business, said in an e-mail. 'These changes have to be quite significant to make enough difference.'"

[Read more](http://www.bloomberg.com/news/articles/2015-11-13/europe-s-top-banks-are-cutting-losses-throughout-latin-america)