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Survey: UK Finance Job Cuts Ramped Up

Survey: UK Finance Job Cuts Ramped Up

With the euro zone sovereign debt crisis having a widespread impact on the global economy, a new survey suggests the number of finance jobs cut in the UK grew substantially towards the end of 2011.

According to the survey, which was conducted by Britain's largest business lobby CBI, the finance sector in the UK shed 81,000 jobs from the end of 2008 through the third quarter of last year.

During the first three months of 2012, this trend is expected to continue, with banks, asset managers and insurers planning to slash another 11,000 positions during that time, an increase over the 9,000 eliminated last quarter.

"Firms are less optimistic than they were and they are employing fewer people," CBI Chief Economic Adviser Ian McCafferty told reporters. "There is the growing fear of less availability of finance and constraints of funding."

The negative outlook for the financial sector in the UK comes just weeks after a Manpower survey suggested employers in the country are not planning to hire over the next three months, with finance and business services showing some of the worst growth prospects. 

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