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London – Financial sector to cut 13,000 jobs in 2013

London’s financial sector will lay off 13,000 staff in 2013, cutting employment in a key UK economic sector to a 20-year low, as job vacancies also drop in Europe and even Asia, studies showed.

Financial firms in Europe’s biggest financial center have laid off more than 100,000 employees since a market peak in 2007, driven by four years of crisis that have brought a wholesale reassessment of banks’ role and business models.

Weak dealmaking will drag London job levels in 2014 to their lowest since the early 1990s, the Centre for Economics and Business Research (CEBR) predicted on Tuesday

The Centre previously saw banks and other financial firms adding around 6,000 jobs next year but now expected a collapse in many business areas during 2012 and little chance of a big rise in activity next year.

“The models indicate at best stabilization during 2013/14 and a gentle rise thereafter,” CEBR said in its statement…

Choosen excerpts by JMM from

via London finance firms to axe 13,000 jobs in 2013: study | Reuters.


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