London Financial Sector Jobs To Increase In 2010: CEBR

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Thursday, the latest issue of London and the City prospects from UK's Centre for Economics and Business Research said financial firms in London will reduce 18,000 jobs this year, revised from 29,000 estimated in April. The reason for the upward revision to 2009 is the unexpected speed with which the economy has turned the corner, said CEBR.

The financial crisis cost 30,000 wholesale finance jobs in 2008. Looking forward, the think tank said in the medium term, the City job numbers would gradually recover from 2010 and rise to 325,000 in 2012. However, London's wholesale financial services employment is not expected to return to 2007 levels until 2021.

"Whilst the City is still expected to retain its position as one of the world's leading financial centres, growth is likely to remain below recent levels owing to tougher capital requirements and lower yields reducing firms' profits," Benjamin Williamson, economist at CEBR said.

Thursday, the latest issue of London and the City prospects from UK's Centre for Economics and Business Research said financial firms in London would cut 18,000 jobs this year, revised down from 29,000 estimated in April. (Market News Provided by RTTNews)