Big job cuts in FS April 19th, 2008
Financial Services, and in particular the Banking sector is likely to experience a bout of significant job cuts that will impact both the London and Worldwide job markets. Earlier this week Merrill Lynch announced that it will cut 4,000 jobs with Citigroup quickly following suit, declaring that it expected to cut around 25,000 posts over the next few months.
Up to now job cuts have been limited to specific divisions that had been affected by the credit crunch, but the latest round is much more wide-sweeping with Banks looking to shave significant amounts from their expenditure. Once job cuts get to this level the impact on other financial services and the supporting economy is inevitable.
