The Centre for Economics and Business Research (CEBR) thinks a further 12,476 financial sector jobs will be lost next year, with more to come. The fact is, with investors rattled and paralysed by fear, there’s just not enough work to go around.
“Equity trading is down 20% in value year on year; gilts trading is down by a third, currency trading is down 5% this year – the first fall since 2009. Merger activity is down by a third in the UK, and even more worldwide. Even the formerly dominant derivatives sector is also down by around a fifth so far this year”.
The bonus bonanza days are gone too. The surviving bankers will earn less, with bonuses set to come in at just 15% of the level they hit at the peak in 2006.