City jobs under threat


City jobs under threat
Workers in the City of London are under an increased job cut threat, according to new research.

A report from the Centre for Economic and Business Research (CEBR) has revised its estimations for jobs losses in the finance sector since the credit crunch.

Dominic Walley, CEBR senior economist, stated that the outlook is gloomy for the finance workers.

He claimed the credit crunch had been more persistent than had been previously forecast.

"We now expect 11,000 jobs to be shed this year, compared to our previous estimate of 7,000 job losses. Furthermore, the outlook for 2009 has deteriorated," he said.

Mr Wallet added: "There is little sign of light at the end of the tunnel for the City."

These predictions follow advice from the Recruitment and Employment Confederation this week.

The body suggested that finance jobseekers may want to look for work in other sectors.

Related categories: Banking / Finance.

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