10,000 more City jobs to go

10,000 more City jobs to goAs many as 10,000 more jobs could go in the City as the economic slowdown and credit crunch bite financial services.

After between 10,000 and 11,000 jobs in the financial services sector were lost in the last quarter, according to a report from the CBI and accountants PricewaterhouseCoopers (PwC), further job losses are still expected as profitability was down at a record pace and business volumes fell at the fastest rate in 17 years.

Ian McCafferty, CBI chief economic adviser, said: “The impact of the credit crunch on financial services has deepened over the last three months, and conditions look set to remain difficult for some time yet.

“Although credit markets have been somewhat calmer of late, the interbank lending system is still looking gummed up, and spreads have widened more than at any time in the past eighteen years.”

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This article was posted on June 30, 2008 at 9:21 am.
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