Third-quarter drops in revenue and profits have reportedly cost the City of London 9,000 jobs in the financial services sector, according to a survey by a business lobby group.
Bloomberg reported Monday that the Confederation of British Industry (CBI) said that banks, insurers, asset managers and other financial firms could cut another 3,000 from their employment rolls by year-end.
As of June 30, 1.14 million people in Britain were employed by firms in financial services, according to the CBI. However, cuts over the past three months have not put an end to the drive to streamline operations.
In its report, the CBI said, “The U.K.’s lackluster economic performance is hanging heavily over the industry. Faced with such weak demand, the industry is continuing to take steps to reduce its cost base.” The survey, conducted by CBI and PricewaterhouseCoopers, found that 19% more companies reported sales drops than reported increases.