More job losses in the city as Credit Suisse and Nomura look to cut costs
The outlook for the UK employment market appears bleak today with news that city giants Credit Suisse and Nomura are looking to dispose of 1650 members of staff to reduce their costs. This is the latest in a number of job cuts in the city where literally tens of thousands of positions are currently at risk. This is on top of the general downturn in employment across the UK and does not bode below for the short term.
The last 12 months has seen a major change in the investment markets with both the UK and America in particular suffering severe hits to profitability and employment prospects. The demise of some of the U.K.'s best-known investment names has left a number of financial experts looking for alternative employment. Many people forget that the financial sector in the UK is at the heart of the economy and will need to be nurtured back to life before any real economic upturn is possible.
But the current downturn could probably not have come at a worse time as many stock markets around the world continue to try and attract business away from London. To some extent they have already been successful but if the strength of the city is reduced even further there is every chance that London will see a real downturn in transaction levels which could lead to further job cuts.
Share this..
Related stories
Bank of England calls for more power
The UK regulatory framework for the financial sector looks like finding itself in the middle of a serious power struggle after the Bank of England announced that it would request more powers from the government to intervene directly in markets. This has the potential to put the Bank at odds with the FSA which for many years now has been the preferred regulator of the financial services market.
British Airways opens talks with Italian carrier Alitalia
British Airways yesterday announced talks with the Italian state carrier Alitalia about closer commercial links just days after its proposed three with merger appeared to fall apart. While there has been no official confirmation that talks with Iberia and Qantas have ended there is speculation in the market that the deal is not going as smoothly as planned. However, news that British Airways is in...
Read MoreDIY can be very cost-effective but.....
DIY is a pastime which is very common and very popular across the UK and while it can lead to significant cost savings and potential investment returns for those willing to take on DIY there are also opportunities to fall into very simple traps which could in the long-term cost you money. If you know what you're doing with regards to DIY around the home then by all means try to save yourself money...
Read MoreHeathrow Terminal 2 set to be bulldozed
When it was opened in 1955, Heathrow Terminal 2 was one of the more modern terminals in the worldwide airline industry although after 316 million check-ins over 54 years it will today close for business awaiting a £1 billion redevelopment. The terminal will be bulldozed awaiting the development of a futuristic style terminus which will need to accommodate passengers and planes using the world's b...
Read MoreGordon Brown's leadership called into question
Labour MPs Patricia Hewitt and Geoff Hoon have today issued an "unsent letter" to Labour colleagues suggesting the time has come to have a secret ballot regarding Gordon Brown's future as leader of the Labour Party. This could not have come at a worse time for the UK government with the economy struggling to turn the corner, a general election just weeks away and a Conservative party which is well...
Read More