Predicted 20,000 city jobs to go this year

DOn't worry, they'll keep you because you're new and cheap labour.

They'll get rid of a lot of projects, managers of those projects and high earners they don't need.
 
neocon said:
I am down the bottom of the pay scale true and i'm prepared to work my arse off.
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To be honest 'down the bottom of the payscle' for city is likely to be the max wage for a lot of other areas.

Remember, put a few years in and leave - go to a competitor. Only if they seriously bump your pay without prompting should you stay.
 
The US just lost something like 80,000 jobs in the last month, twice the expectated number. Just got back from there and the news was filled with doom and gloom about the economy, 3 airlines bust in one week, new car sales down 10-20% compared to this time last year and something like $1trillion written off their housing market due to the sub-prime crisis.

Saying that though the expectation over there was that if there is a recession (some are saying they are already there) they will be out of it by the end of this year.
 
the lure of money is too great

some people in my office were hired at £30 an hour drafting trade confirmations, i barely earn half that
 
neocon said:
the lure of money is too great

some people in my office were hired at £30 an hour drafting trade confirmations, i barely earn half that
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The city is a really odd place imo, everytime I go there its like going to another country. I went to Canary Whalf, spoke to a few people "young 27-35 year olds" and they just seem like wideboys, i not too sure why London pays such good wages, but if you want to earn mega money, you have to work there imo

EDIT

I have been looking for jobs in Central London, theres hardly no IT Support roles thats been posted for a few weeks now, getting quite worrying! :)
 
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FishThrower said:
The city is a really odd place imo
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went to Canary Wharf
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But Canary Wharf isn't the City! Sorry but it just grates me, have no idea why as it doesn't matter really but for some reason just bugs me that people refer to pretty much anywhere thalst dea with finance these days as 'The City', espescially Canary Wharf!

Especially on the BBC when they reporting from 'The City', and they are for example interviewing someone in the Barclays building in Canary Wharf, I for some reason find myself shouting at the TV that it isn't The City at all!

I really need to get a life :(
 
Spuderoony said:
Get out of the square mile's bubble and join the real world?
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Please elaborate.


People in the City are indeed paid far too much, i work there myself. But these people drive the economy and work incredibly hard - particularly those in the finance sector.
I work for an Insurance company and there are a fair few squeaky bums; but times have been good for the past 10 years so you need to take the rough with the smooth.
 
Caged said:
No more than anyone else who earns or spends money does.
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Wiki said:
London is a major centre for international business and commerce and is one of three "command centres" for the world economy (along with New York City and Tokyo).[65] London is one of the largest centres for finance in the world, and has the 6th largest city economy in the world after Tokyo, New York, Los Angeles, Chicago and Paris.[66] As the world's largest international banking centre with a 50% share of all European activity[67] and Europe's second largest city economy, year-by-year London generates approximately 20% of the UK's GDP[68] (or $446 billion in 2005); while the economy of the London metropolitan area (the largest in Europe)[69] generates approximately 30% of UK's GDP (or an estimated $669 billion in 2005.)
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But Canary Wharf isn't the City! Sorry but it just grates me
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Me too - but I'm a bit of a pedant at times - most people don't realise but the city of london is actually the smallest city in the UK and only has a population of about 8000 but a workforce of about 300,000

'London' - itself, in the wider sense, isn't technically a 'city' but is a 'region' containing two cities and various towns and boroughs.

As for the thread - 20,000 jobs may well go but the vast majority of those will be re-employed in other jobs fairly quickly - the reality will be more like 20,000 jobs cut 18,000 created.

Banks cut jobs all the time - tis not uncommon for people to be fired then re-hired by the same bank a day later under a new job title/diff desk etc... - not uncommon for others to re-hire people on temp contracts get rid of temps - sometimes its just an exercise to appease shareholders/make it look like they are cutting costs.

Whatever the reality turns out to be you can guarantee it won't be a case of 20,000 people actually joining the dole queue or moving to a diff industry - most of them will be re-hired.
 
Jimmeh said:
Please elaborate.


People in the City are indeed paid far too much, i work there myself. But these people drive the economy and work incredibly hard - particularly those in the finance sector.
I work for an Insurance company and there are a fair few squeaky bums; but times have been good for the past 10 years so you need to take the rough with the smooth.
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Nowhere did I insinuate that they don't work really hard. But a miniscule area of London is, in relation to the vast majority of the rest of the country, 'not the real world' or representative of it.
 
That is true tbh... - in some senses it is a different country - in terms of cost of living, salaries etc...

Most people from the UK could easily move to say Estonia/other cheap eastern european country and live like a king - to someone earning city money the rest of the UK outside London and some of the south east is pretty much like Eastern Europe.
 
If it wasn't for workers that actually do things then there would be no shares to trade. There would be no place for wideboys to sit behind computer screens all day and think they've made it in life because they drive a fast car, work a 70 hour week, never see their families and die of stress before they reach 50.
 
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