Thursday October 16, 2008

London banks to cut 62000 jobs in mass layoffs as credit crisis worsens

bloomberg.com :

Banks may cut 62,000 jobs in London by the end of next year as the credit crisis worsens, the Centre for Economics and Business Research said. Firms will eliminate 28,000 jobs in London this year and 34,000 next year, the CEBR said. The cuts would reduce employment in the industry to 290,847, the lowest since 1998. Almost 46% of derivatives-related jobs in London may also go as demand for more complex products wanes. Banks and investment firms have eliminated more than 134,000 jobs globally since the beginning of the credit crisis last year.

- Not to forget that it's not just the bankers and traders themselves that will be going away, but also the IT, support, and administrative jobs, and many, many more people will be affected in the periphery, from entertainment to food to retail to transport. Add to that their collective families and you can easily imagine how at least hundreds of thousands of people will be affected eventually, in one way or another.

See also :

1. Housing slowdown may claim 800000 jobs
2. Citigroup to cut 20000 jobs and slash dividend : WSJ
3. Wall Street firms cut 34000 jobs, most since 2001 dotcom bust

(2008-10-16 21:03:26 SGT) [Biz] Permalink

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