City bankers 'accept blame' for credit crisis


City bankers 'accept blame' for credit crisis
The majority of finance workers in the City of London have stated that they are partly to blame for the current crisis in the sector.

A survey by revealed that 41 per cent out of the 1,800 City bankers questioned accept some responsibility for the current global financial problems, reports Online Recruitment.

These financiers believe that all banks - regardless of their location - are at fault, not just one institution.

However, 19 per cent pinned the blame on subprime borrowers in the US.

Editor of Sarah Butcher stated: "There are still are those within the finance sector who would prefer to blame external factors.

She commented that the outlook for the sector is still gloomy, saying: "Emotions are understandably running high at the moment given the continuing flow of bad news from the sector."

Around 20,000 jobs could be shed in the City during this year, the Centre for Economic and Business Research stated as it revised its previous forecasts for the sector.

Related categories: Banking / Finance.

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