ARANCA News Report (www.aranca.com) 
London, Monday, March 31, 2008 :
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11,000 jobs to go in City's financial services sector

The City of London is expected to experience a surge in the number of redundancies in the financial services sector during the next three months.

According to the Confederation of British Industry (CBI) by Mid-May as many as 11,000 jobs in the field could be shed.

This is likely to be in addition to the 9,000 jobs which have already been cut in the final quarter of last year, City AM reports.

The CBI has based its projections on a survey conducted on its behalf by PricewaterhouseCoopers, in which over a third of the financial firms surveyed said they anticipated the number of those employed in the sector to fall.

Ian McCafferty, chief economic adviser at the CBI, said the deepening cuts can be attributed to a lack of confidence stemming from the credit crunch, which he predicts will begin to impact on economic growth in the coming months.

He said: "So far the impact on the wider economy has been relatively limited but it won't get away scot-free. We expect a prolonged period of slower growth."

Further analysis of financial services sector could be supplied by Aranca, an end-to-end provider of on-demand, custom investment, business and economic research.

 

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