City employment levels to be decimated Monday, October 13, 2008
According to a forecast from the Centre for Economics and Business Research (CEBR), financial firms in the City of London are set to cut 62,000 by the end of next year, taking employment back to levels last seen in 1998 falling from 353,000 in 2007 to 325,000 in 2008 and 291,000 in 2009.
It suggests that
- worst hit sector over the next two years will be corporate finance, which is likely to lose half of its 15,000 employees
- employment in derivatives will fall 46% over the next two years
- legal and professional services, insurance, fund management, securities and equities sectors will all see headcounts cut by 10% to 20%