London newspaper reports credit crunch is costing 300 jobs a week

The Evening Standard reports that more than 4,000 City workers have already been given the axe. By next month, the number of people who have lost their jobs will rise to 6,500, the newspaper predicted.

Jobs lost so far include 1,500 at Citigroup, 800 at UBS, 600 at Merrill Lynch. Another 800 staff at the London office of Bear Stearns are expected to lose their jobs.

The newspaper also reported that London’s law firms are also cutting back on recruitment of junior lawyers.