Britain’s financial services companies have decided to cut a further 18,000 jobs over the next three months, bringing the total loss of positions in the sector to around 132,000.
According to a report by the Confederation of Business Industry (CBI) and PricewaterhouseCoopers, Britain’s financial services companies will cut a further 18,000 jobs over the next three months.
This comes as banks; insurers, asset managers and other finance firms cut 25,000 jobs in the final quarter of 2012, with banking in the UK experiencing the deepest drop, the survey of 94 companies revealed.
The CBI said the latest cuts will mean that 132,000 jobs have been lost in the finance sector since the start of the downturn in 2008, when it employed around 1 million people.
Data from the Financial Services Authority suggests the number of frontline workers in the City of London has tumbled to the lowest level since 2004.
Moreover, a combination of Europe's debt crisis, fresh financial regulations and a still lacklustre recovery in the US have made it harder for banks to return to the level of profits they enjoyed before the financial crisis.