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Up to 175,000 jobs with financial firms could be axed globally by this time next year as a result of write downs and reduced revenues at major banks.
US-based Citigroup recently announced over 13,000 job cuts (around four per cent of their total workforce) and other banks are expected to follow suit.
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Financial service employees in London are expected to be the hardest hit; estimates from the Centre for Economics and Business Research predicted a loss of 19,225 jobs in 2008 and 2009.
Published: 25-06-08
