Fears For Job in the Finance Sector

by Harry Wilson

Thousands of workers in the finance industry are fearing the worst as there is growing doom caused by the credit crunch and it's rolling waves and ripples.

The Confederation of British Industry and PricewaterhouseCoopers (PwC) have produced a report (31/03/08) that warns of further profit losses and redundancies to come in the early summer months.

Up to 10,000 jobs in the UK could be lost in the financial services sector, with the highest concentration in the investment banking and share trading sectors. Of the 79 firms surveyed by the CBI and PwC, a quarter said that they had already begun cutting jobs in the past three months.

The bulk of the job cuts are likely to be made by those firms worst exposed to the US mortgage crisis. For more on the report check the dedicated PwC website: www.pwcmultimedia.com/1107_FS_CBI_survey/?utr=1