UK / Finance to cut another 18,000 jobs

Banks, insurers, asset managers and other finance firms cut 25,000 jobs in the final quarter of 2012, with banking seeing the deepest drop, the survey of 94 companies showed.

The cuts will means about 132,000 jobs have been lost in the sector since the downturn began in 2008, when it employed around 1 million people, the CBI said.

“What you’re seeing is exiting of certain product lines, geographies or restructuring their activities, on the other end you have demands on them for regulation,” said Kevin Burrowes, U.K. financial-services leader at PwC.

For young professionals, “it’s not an attractive place to go,” he said. Banking and capital markets at his firm, PwC, “is not a sector they’re attracted to any longer. It used to be our most popular sector.”

In addition to firings, bankers have been retiring earlier and younger would-be recruits are shunning finance for less- tainted industries, Mr Burrowes added.

Choosen adapted excerpts by Job Market Monitor from

via UK’s finance industry to axe another 18,000 jobs, says CBI – Telegraph.

Related Posts

Finance / 300,000 jobs gone in the past two years, more than half a million in four years

Wall Street’s cost cuts and dismissals, which have helped erase more than 300,000 financial- industry jobs in the past two years, are far from over. Citigroup Inc. (C)’s announcement yesterday of plans to eliminate 11,000 positions in units spanning equities trading to consumer banking is the latest sign of strain from a market slowdown, stiffer … Continue reading »

Banks / Job cuts amount to near 160,000

Major banks have announced about 160,000 job cuts since early last year and with more layoffs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two to one. A Reuters analysis of job cuts announced by 29 major banks showed the layoffs were … Continue reading »

UK – Hard hit by job cuts in banking sector

GLOBAL banks have slashed almost 160,000 jobs since early last year, including more than 21,000 across taxpayer-backed lenders Lloyds Banking Group and Royal Bank of Scotland, and more lay-offs are in the pipeline as the industry restructures. Redundancies in the banking sector have outpaced new hires by roughly two-to-one according to a study that shows … Continue reading »

The City / Only 10% of bankers and hedge fund workers believed London will create the most new banking jobs over the next 12 months

Confidence in the City of London jobs market continues to weaken as UK bankers increasingly pick Hong Kong, Shanghai and Singapore as the generators of new jobs, according to a report. A study by recruitment firm Astbury Marsden found that only 10% of  bankers and hedge fund workers believed London will create the most new … Continue reading »