20,000 City Jobs To Go This Year

As the Square Mile braces itself for a fresh round of redundancies, data released by the Centre for Economics and Business Research reveals that 'City jobs' peaked at 333,900 in 2000 and forecasts losses of around 20,000 this year.

As investment banks continue to live off a meagre diet of deals for far longer than they hoped, Wall Street, too, seems certain to cut more jobs. Despite the fact that 62,000 jobs have been eliminated in the last year and the industry has seen more cuts in the last 12 months than at any time in the last 25 years, there is certainly more pain to come.

Industry observers expect the axe to fall in London and New York within a matter of weeks and traders, analysts and bankers face a nervous wait to find out their fate.

Investment banks are thought unlikely to have highly paid employees around doing little during what is likely to be a very quiet summer.