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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.

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