OMFG! The U.K. ’s
financial industry will lose 43,000 jobs in six months, according to a forecast
from the Confederation of British Industry, as companies shrink and reduce
costs. Banks, insurers, asset managers
and other finance firms probably cut 25,000 positions in the last three months
of 2012 and may eliminate 18,000 jobs in the first quarter of this year,
according to a study by Britain ’s
biggest business lobby group and PricewaterhouseCoopers LLP, published today.
Global cuts at financial firms have exceeded 115,000 since
2012 as they seek to control compensation expenses and retreat from
capital-intensive businesses, according to data compiled by Bloomberg. Morgan
Stanley, with securities operations in London ,
plans to eliminate about 1,600 jobs from its investment bank and support staff
in the coming weeks, a person with direct knowledge of the matter said on Jan
9. New York-based Citigroup Inc. said in December that it will cut more than
11,000 jobs and pull back from some emerging markets to curb costs…..
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