Job losses

Fri, 18 Apr 2008 | Updated: Fri, 21 Nov 2008 10:59 am

Several of the City’s leading financial firms have announced job cuts which total as many as 3,500 jobs in the financial sector. The news comes days after predictions from JP Morgan that 40,000 jobs could be lost the year, approximately 5% of the City's workforce.

Citigroup has announced 2,400 cuts from its 12,000 strong London office. UBS has made 900 redundancies. Merrill Lynch will lose 400 of its 4,500 London based employees. Bear Stearns, the investment bank bought by JP Morgan, is expected to lose half of its 1,500 strong work force. Reported The Daily Telegraph. 

The announcements comes a few days after researchers at JP Morgan predicted the City could lose up to 40,000 jobs, approximately 5% of its workforce, because of the current economic crisis.