Financial services sector to cut 60,000 jobs this year

The financial services sector could axe 60,000 jobs in total this year, the Daily Telegraph has reported.

Research conducted by the CBI and PricewaterhouseCoopers has found that up 15,000 jobs have been lost per quarter this year – meaning a total of 60,000 jobs could have been lost by the end of the year.

In 2008, 34,000 jobs were cut in the sector, and in the first half of 2009 employment in financial services dropped by 22,000.

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Ian McCafferty, chief economic adviser at the CBI, said: “After nearly two years of exceptionally tough operating conditions, signs of a brighter outlook are appearing.

“Future demand is still a major concern for financial services firms, however, and further pain will continue to be felt in job losses and lower investment.”