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...
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