When it comes to job cuts one of the areas that is hardest hit is the finance sector. This sector is cutting jobs around the world at what some may consider to be an alarming rate. When most of us think about layoffs to workers who work with money we think about Wall Street and that is not completely inaccurate. Some of you may recall our earlier coverage of the predictions about job cuts to this field in 2012, “L lately layoffs in the banking industry have been getting a lot of attention, and it looks like you can expect even more job losses in the banking industry making headlines in the next year. At least that is the word according to analysts. One of these analysts, a Mr. Dick Bove has released numbers that are telling us to expect around 150,000 layoffs in this sector in the next year.”
New York however is not the only city in the world that is being put to the test when it comes to the jobs in their finical sector. One of the other cities in the world that is known for its sizable baking district is the city of London and it looks like that city is fairing no better than the big Apple when it comes to keeping the jobs of finance workers in tact during the current economic slump. As a matter of fact things for bankers all over the European Union have gotten much worse ever since the issues that have been caused by the near total collapse of one of its member nations, Greece.
According to estimates put out by the Centre for Economics and Business Research job cuts to the financial sector in the current year will get low. How low? Well the lowest number that the district has seen in the last 16 years. For those of you keeping score that is more than 25,000 jobs cut in the 2012 year alone. If those numbers are startling you, and you are beginning to wonder exactly who the Centre for Economics and Business Research are to be making those kind of a predictions here is a look at how the company describes itself (http://www.cebr.com/) , “The Centre for Economics and Business Research (Cebr) provides independent economic forecasts and analysis to private, public and third sector organizations.
Founded in 1993 by Chief Executive Douglas McWilliams, Cebr has helped hundreds of clients plan for the future, better understand their markets and effectively lobby media and government. Cebr specializes in making business sense of economic data and using economics as a tool for improving organizational performance. We also provide economic indicators and trackers for clients wishing to establish themselves as thought leader”
This cut of 25,000 workers will, on the whole bring the number of cuts up by about one quarter of the overall number of cuts since the decline began in late 2007. This brings the overall number of cuts to about 100,000. For the time being the company has not said which facilities it expects to be making the most cuts.London Banks to Lose 25,000 Jobs in 2012 by Harrison Barnes