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More than 17,000 top City jobs lost since recession took hold
MORE than 17,000 of the City’s top financiers lost their jobs in the past two years, a new report shows.
The figures, based on Financial Services Authority data, show that redundancies, insolvencies and early retirement wiped out around 10 per cent of the highest-ranking employees in Britain’s financial-services industry.
The figures refer only to individuals who have been authorised by the FSA — high-ranking staff who have been forced to pass the regulatory body’s exams.
The report, published by IMAS Corporate Advisors, shows that City hiring picked up in the fourth quarter of 2009 for the first time since 1998. However, it also reveals that the number of firms being created in the financial sector is at a record low.