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City will 'feel economic gloom'
31/03/2008
The City is likely to see more effects of the credit crunch over the coming months, a new survey has revealed.A continued slowdown in the financial services sector will result in falling profitability and job availability, research from the Confederation of British industry (CBI) and PricewaterhouseCoopers has found.
Jobs had been cut at a quarter of the businesses questioned by the firms, which was the highest amount since March 2003.
Furthermore, a third of respondents expect employee number to continue falling over the next year.
CBI chief economic adviser Ian McCafferty stated that the sector can expect a gloomy outlook.
"We can expect further tough times in the financial sector and as this feeds through into the wider economy it will inevitably be felt through slower economic growth this year and next," he said.
It was recently suggested by InterQuest Group that London offers IT graduates the best start to their career, ComputerWeekly reported.
