Monday 30th June 2008
Credit crunch impacting on jobs in finance
 Thousands of jobs in finance are being affected by the credit crunch, according to the latest reports.
As many as 10,000 finance jobs in the City are said to be at risk due to the current economic climate.
A report from the Confederation of British Industry (CBI) and accountancy firm PricewaterhouseCoopers warns that it would take at least six months before normality returns to many finance companies.
Ian McCafferty, the CBI's chief economic adviser, said: "Profitability in the sector is being badly hit, so firms are trying hard to trim costs by planning to cut back on training and marketing for the first time in a number of years."
PriceWaterhouseCoopers' John Hitchens added: "Banks have made their gloomiest profitability predictions since 1994 and sentiment in the sector has fallen the most sharply since 1998.
"Asset writedowns continue to impact profitability."
A separate accounting giant PKF has also revealed that many legal jobs are under threat due to the credit crunch.
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