Tuesday 13th May 2008
Many financial jobs lost
 More than 300 City workers are being sacked from their everyday, according to reports.
Workers in the Square Mile and Canary Wharf area are being dismissed due to the negative effect the credit crunch has had on businesses.
Many companies are resorting to widespread dismissals as a way of reducing costs ahead of further gloomy economic forecasts.
Over 4,000 jobs have been lost with a further 6,500 expected to go by the next month, according to analysis by London's Evening Standard.
Recruitment expert Jonathan Evans of Sammons Associates said: "The situation is definitely worse than after the dotcom bubble of 2001. Most investment banks operate on a knee-jerk basis."
Most of the job losses have been sector specific with those in financial jobs affected the most, jobs in engineering appear to have escaped the credit crunch attracting interest from potential employees.
Citigroup has cut 1,500 financial jobs since October, according to research by the Evening Standard.
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