London bankers fear further job losses

London bankers fear that more jobs will go in the next six months, further damaging the City’s reputation as a financial centre.

More than half of the 419 financial professionals polled by career site network eFinancialCareers said that they regarded further job cuts as either “definite” or “probable”. Just under half of them admitted that the capital’s position as a leading financial centre was under threat, blaming concerns over heavier taxation, reduced job opportunities and increasing European regulation.

Despite the gloomy outlook, however, 89% of those polled wanted to stay in banking. More than a third (39%) said that pay was their main motivation for doing so, with 36% reporting that they could live for a year on their savings, were they to lose their jobs.

Last month experts predicted that 29,000 City jobs would be lost by the end of the year.

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