Report: More jobs to go in the City

02-04-2008

Report: More jobs to go in the City
More finance jobs are likely to be axed in the City of London in the aftermath of the credit crunch, new research has suggested.

According to a report from the Confederation of British industry (CBI) and PricewaterhouseCoopers, a third of businesses expect to make further job cuts this year.

A quarter of firms have already released employees, the survey revealed, which is the highest amount since 2003.

The economic slowdown will also mean companies see a reduction in profitability, the report stated.

Ian McCafferty, CBI chief economic adviser, noted that the future looks fairly bleak for the sector.

He said: "We can expect further tough times in the financial sector and as this feeds through into the wider economy it will inevitably be felt through slower economic growth this year and next."

London is the best place for it graduates to start their careers, ComputerWeekly reported InterQuest Group as saying.

Related categories: Banking / Finance.


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