Nearly 20,000 City jobs to be axed - research

The Centre for Economic and Business Research (CEBR) has downgraded its City forecast, expecting 11,000 job cuts in 2008 and a further 8,200 to be axed in 2009. It says the current credit crunch and global downturn will inflict worse losses for the City than the dotcom crash, which cost 15,300 jobs. CEBR predicts the number of jobs reliant on the City will fall from 351,000 last year to 334,000 by 2009. It also says 2007’s employment level is unlikely to be fully recovered until 2012. Last week Fidelity announced it may cut up to 170 jobs in London, while the Royal Bank of Scotland is se...