Over 4,000 jobs have been cut in London's financial sector in the last week while 3,000 more are at risk in the Customs services across Britain, it was revealed on Thursday.
As credit crunch bites, the City, which is the financial center of London, is suffering its worst single week for job losses since the financial crisis began 15 months ago, according to the free afternoon London Paper.
More than 4,000 jobs have been axed by major finance houses in just a few days, which could have a serious knock-on effect on the capital's retail and housing sectors.
Japanese bank Nomura is cutting 1,000 jobs in London -- almost a quarter of its staff -- in its first wave of redundancies since it bought the remains of the collapsed Lehman Brothers bank in the autumn.
Some 1,200 jobs are to go at Germany's Commerzbank in London, which is planning to close its mergers and acquisitions business in Britain, as it integrates with Dresdner Kleinwort, another German bank.
Credit Suisse will axe 650 jobs, HSBC will shed 500, and Deutche Bank is due to lose 900 workers, many in London.
Leading British companies have announced more than 31,000 job losses since the beginning of October.
However, it is not only the financial sector that is cutting the jobs. A union has warned that thousands of jobs could go when HM Revenue and Customs close 90 offices across Britain.
The Public and Commercial Services (PCS) union said on Thursday that 3,400 positions were at risk.
HM Revenue and Customs confirmed 90 offices would close but added that it had managed to cut its workforce by 17,000 without resorting to compulsory redundancies.
Source:Xinhua
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