In the ongoing global economic crisis every sector has had its victims, with unemployment on the up and contraction being recorded in service, manufacturing and retail sales industries in countries around the world.
But, according to a well-founded prediction made by the Confederation of British Industry, the months ahead will be particularly hard for those who work within the UK’s financial sector.
The financial industry hasn’t been performing well globally, with 2012 seeing 115,000 job losses, but in the UK alone 43,000 jobs could be shed within just a few months.
In an effort to remain competitive financial companies have had to downsize, reducing costs with job cuts. Now the Confederation of British Industry has asserted that in the next three months 18,000 people who work in finance will lose their jobs.
The business lobby has also stated its belief that in the final quarter of last year 25,000 jobs were lost in financial firms. If these estimations are proven accurate it will bring the number of UK-based financial-service jobs lost in the past four years to roughly 132,000.
The report said: ‘numbers fell for the third consecutive quarter, with the rate of decline picking up once again. Staff turnover increased more strongly than expected and than in the prior quarter, while staff costs as a proportion of total costs fell and are expected to contract at a faster pace next quarter.’
However, statistics have also shown a reduction in the amount of applicants for finance centred jobs. Although the financial sector held some of the most popular career paths for young graduates not that long ago, the reputation it has developed in recent years (as a result of the publicity surrounding issues like bankers bonuses) have lessened its attractiveness.
The Pound to Euro exchange rate is currently trading at 1.1923
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