The job in the bank is no longer the happy place for those who want a stable and secure job. This is what emerges from the latest employment data in the financial sector from the beginning of the crisis to today. Last in chronological order is the figure for London. The City will have 25 fewer jobs in the financial sector by 2012.
It is the number of layoffs foreseen by Center for Economics and Business Research, a figure that would bring the number of employees in the financial sector back to the level of 1996, sixteen years ago. An estimate that the research institute has revised downwards. In fact, within the year the number of employees will drop to 255. Nearly one in ten employees will lose their job. And many of the layoffs, according to Cebr, have already been made.
The rest will be the result of the crisis in the euro area and its banking system, despite the liquidity injections of the European Central Bank. The system is suffering and the liquidity to credit institutions, says Cebr, will not have the effects hoped for by the governor Mario Draghi.
Blame 2011, annus horribilis of the European banking system which has left too deep a mark on lenders, and new rules set for lenders, along with falling profits. Major banks in the United States, Europe and Asia in total have already announced layoffs of more than 130 jobs, according to a calculation by Reuters.
A recovery of employment in the banking system is likely from 2016. At least as far as London is concerned, which in any case remains the leading city of global finance. Even if his leadership is increasingly at risk, the fault of the crisis on the one hand and the new Asian markets on the other.
