The City of London will cut 10,000 jobs over the next three years as the credit crunch hits the world's biggest banks, The Telegraph reports.
The reductions will be part of 40,000 jobs to go by the end of 2011 in the UK, according to a report by credit-checking company Experian. William Thomson, director of economics at Experian, said: "Financial services jobs are particularly vulnerable.
"The slowdown will bring the impressive run of job creation to a halt."
The forecast comes as separate research suggested City bonuses will be slashed by 40% this year.
The Centre for Economics and Business Research (Cebr) yesterday forecast bonuses in 2008 will be £5.1bn, down from £8.5bn last year and £1.1bn less than the think tank was predicting just 6 months ago.
HOME REPOSSESSION ORDERS are at an all-time high, according to figures to be released by the Ministry of Justice today.
The Times understands that the court figures for the first quarter of this year will show that such orders have soared with the credit crunch.
The new court figures are predicted to be up by at least 25% on the same period last year, traditionally a heavy time for mortgage repossessions as lenders avoid Christmas.
Mortgage possession claims issued by landlords could exceed 40,000, compared with 33,715 for the first quarter of 2007, and actual possession orders made by the courts could reach 30,000, compared with nearly 22,000.
AIG ANNOUNCED PLANS to raise $12.5bn of extra cash after the world’s largest insurance group unveiled a record loss of $7.81bn (£4bn) for its first quarter, The Times also reports.
The group’s shares fell by 7 per cent in after-hours trading as the group took a higher-than-expected $9.11bn writedown on the value of bond insurance contracts, known as credit default swaps (CDS), that require AIG to pay out in the event of a default on the underwritten securities.
It lost a further $6.82bn on investments, including sub-prime mortgage-related assets, taking the group’s total credit crunch-related losses to more than $30bn in the last year.
AIG immediately launched a $7.5bn offering of common stock and plans to issue a further $5bn of bonds in the future.IFAonline
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