Swiss bank UBS is reported to be axing 5,500 jobs, including 2,600 in investment banking, much of which is based in the City. This follows on from UBS writing £18.8 billion from the value of investments in the sub-prime crisis.
Swiss bank UBS is reported to be axing 5,500 jobs, including 2,600 in investment banking, much of which is based in the City. This follows on from UBS writing £18.8 billion from the value of investments in the sub-prime crisis.
New estimates on the number of jobs that could be lost in the city over the next two years have been released and numbers are as high as 20,000! Most of these will be seen in the banking sector but it is thought that construction could also see some heavy losses. Some 11,000 are expected this year and some 9,000 in 2009.
Continued uncertainty in the market has seen recruitment hit a real wall. Shar prices across recruitment firms are down as low as we last saw in 2001-2003. However most of reduction in activity has unsurprisingly come from the banking and construction markets and even then that is only really across permanent hiring. The demand for temps has remained relatively stable and with the market set to continue in this manner it is likely that the demand for temporary staff will increase as a short term fix.
Tense times in the financial sector across the globe are having a major impact on the number of financial jobs available. An internship with a top investment bank is regarded by many as a route to an immediate and successful career, with huge bonuses and high starting salaries. It is estimated by the Sunday Times that there are up to 50 applicants per place, with the cream of the candidates a highly sought after prize by the various institutions as bagging these candidates early is key.
Barclycard is to cut 160 jobs in Northampton when it closes its credit card production. It has announced that it is to shut down its card production and statement mailing centre in Northampton.
Print production is going to be outsourced to RR Donnelley in Buckinghamshire and Gloucestershire, with mailing operations moved to Leicestershire and card operations will be moving to Hampshire.
Operations will continue at Bewer House until the end of the year and employees will then recieve a further three months on full pay so they can find alternative emploment.