City workers fear fall-out from US sub-prime lending market crisis will cost UK jobs

Two-thirds of City workers fear they will be made redundant as a result of the US sub-prime market crisis.

A survey of 1,819 financial professionals by careers website eFinancialCareers.com revealed spiraling fears for job security, with 64% believing lay-offs are on the cards.

Half of these believe that redundancies are inevitable, answering that redundancies are now very likely.

Only 3% of City respondents predicted no fall-out from current events.

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Lenders have been increasing interest rates for sub-prime borrowers in recent weeks as a result of turmoil in the credit markets.

Victoria Mortgages, a specialist in home loans for those with a troubled credit history, yesterday became the first British lender to go into administration on the back of the American sub-prime crisis.