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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.

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