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More London bank job cuts, status in peril-survey

(Agencies)
Updated: 2009-05-27 15:14

LONDON - London can expect to see more banking job cuts in the next six months with the City's position as a top financial centre under threat, a survey of financial professionals showed on Wednesday.

Some 57 percent of the 419 professionals polled by career site network eFinancialCareers said they saw more job cuts at "definite" or "probable" in the next six months.

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The survey showed 89 percent wanted to stay in the industry, despite cuts in bonuses and greater scrutiny on pay by regulators and politicians, since the start of the financial industry crisis two years ago. Some 39 percent cited pay as their main motivation for staying in the industry.

If survey respondents were to lose their jobs tomorrow, 36 percent said they could live for a year or more off their savings.

The survey showed 45 percent of respondents regarded London's position as a leading financial centre as under threat, citing concerns about increased taxes, increased European regulation and reduced job opportunities.