cebr: "Credit crunch to set City back a decade"

Some 28,000 City jobs are expected to be lost this year, with a further 34,000 set to be shed in 2009. The resultant net loss of 62,000 jobs will take City employment back to 1998 levels, the consultancy asserted. The dire predictions are detailed in the latest issue of London and the City prospects, which tips the corporate finance sector as likely to be the hardest hit. This sector will lose half of its 15,000 employees over the next two years, as M&A activity dries up. Employment in derivatives is set to fall by 46pc, while the scale of job losses in the legal and professional service...