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Job fears as banks cut city staff

07 May 2008

The effects of the global credit crunch on jobs in the financial sector was writ large today as giant US bank Merrill Lynch announced it was to axe 4,000 jobs. The news was followed by reports of 900 London jobs going at Swiss bank UBS, another heavily hit by the collapse in mortgage-backed assets. As many as 40,000 City job losses have been forecast because of the resulting financial turmoil. Merrill Lynch said the reduction of 4,000 jobs would be targeted in its investment banking arm and support areas. The bank did not provide a regional breakdown, but many in the affected areas are employed in London. The job cuts make up about 10% of Merrill's total staff - excluding financial advisers and investment associates - and will save $800m (£404 million) a year, the bank added. Merrill made the announcement after posting a 1.96 billion US dollar (£1 billion) first-quarter loss. The Wall Street bank had already recorded more than 24 billion US dollars (£12.1 billion) of write-downs in previous quarters. UBS declined to comment on the Evening Standard's reports of being told that 10% of its 9,000 London workforce were being axed. Copyright © PA Business 2008

 

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