Wednesday 14th January 2009
Finance jobs - More finance jobs to go in the City

There was more bad news for people looking for finance jobs as workers at Merrill Lynch and its owner Bank of America were told the business is to make redundancies.

Up to 1,900 staff could be looking for work after they were told the banker is seeking to cut 30 per cent of its London workforce.

"Everyone's got the hump," one trader told the Times. "Everyone's really down. Last week we had to be interviewed for our own jobs."

The news followed the Confederation of British Industry's warning that as the recession gets worse, the financial services sector will continue to struggle to offer applicants jobs in finance.

"As income and profitability have tumbled, so there will be more job losses and cuts in investment, and stark implications for the rest of the UK economy," deputy director general John Cridland said.

An increasing number of new graduates are choosing not to take top finance jobs in the City of London because of a lack of employment security in the industry, according to a report in the Independent.

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