Predicted 20,000 city jobs to go this year

chimaera · 14 Apr 2008 at 11:20

cheets64 said:
Good they are the ones causing misery for the rest of the country, giving out stupid forecasts, buying debt, allowing easy credit.

About time Londoners lost a lot of jobs.

You do realise that for every investment banker there are thousands of support staff, admin, IT, caterers, cleaners.

You can't paint 9 million people with the same brush, i work in the City and don't have anything to do with the finance industry, yet you'd be quite happy for me lose my job because of some spite you've got against the banking industry.

If London loses jobs you can bet that the rest of the country isn't far behind, and will be hit a lot harder.

platypus · 14 Apr 2008 at 11:22

chimaera said:
If London loses jobs you can bet that the rest of the country isn't far behind, and will be hit a lot harder.

Although I think the impact would be less, as the jobs are less concentrated.

Dj_Jestar · 14 Apr 2008 at 11:29

This whole topic gets a big "meh" from me. London has been "overpopulated" with financial jobs for ages, so it's about time it felt a squeeze. As for anyone not in the financial industry, I don't see what you are panicking for.

chimaera · 14 Apr 2008 at 11:32

platypus said:
Although I think the impact would be less, as the jobs are less concentrated.

I was thinking more in economic terms than pure job losses, if the situation is so bad that tens of thousands of Londoners lose their jobs then it really means the whole country is screwed and we're probably in a major recession that will damage all sorts of things.

Dj Jestar said:
This whole topic gets a big "meh" from me. London has been "overpopulated" with financial jobs for ages, so it's about time it felt a squeeze. As for anyone not in the financial industry, I don't see what you are panicking for.

In the City the finance industry impacts everything, i work in local government IT which is a world away, but in the event of City job losses my position is at risk as rent/office space income is reduced so the company cuts back. Similarly people spend less money on food so the cafes and retailers lose money.

Vanilla · 14 Apr 2008 at 11:45

chimaera said:
In the City the finance industry impacts everything, i work in local government IT which is a world away, but in the event of City job losses my position is at risk as rent/office space income is reduced so the company cuts back. Similarly people spend less money on food so the cafes and retailers lose money.

I was about to post the same. I'm in IT and look after many of the big banks you see in the news and a lot of large companies who have nothing to do with the finance sector.

IT is feeling Finance's pain and so is everyone else from larger firms, to airlines and even restaurants.

Eriedor · 14 Apr 2008 at 12:17

Banking is one of (if not the) the biggest industries our economy relies on, it is not a good thing if it starts to suffer as we will all suffer from it. You shouldn't wish it to suffer just because city workers earn more than you.

I just caught up with a mate who works for UBS in Zurich and he said they will be cutting a lot of staff but his job is safe as they will fire mainly the older bankers, as their salary is worth 10 of the graduates.

Eriedor · 14 Apr 2008 at 12:18

Brum Man said:
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

What is "the city"?

chimaera · 14 Apr 2008 at 12:51

Eriedor said:
What is "the city"?

The square mile, the financial district:

http://www.cityoflondon.gov.uk/Corporation

Probably the smallest local authority area in the UK but arguably the richest, also runs the UK port health authority and animal control at all the London airports, plus open spaces such as epping forest and hampstead heath.

caff · 14 Apr 2008 at 13:19

Seems like this has already started happening.

My company (which is more public sector) has in the past couple of weeks taken on quite a few IT staff and contractors who previously worked at central london banks. Could just be a coincidence...

Rich_L · 15 Apr 2008 at 00:53

simulatorman said:
Why do you call them professionals?

Cos that's what everyone calls them I thought

Y'know the kind, went to a decent Uni, work in banking/law/finance, aged about 23-30, live in Clapham

Vanilla said:
Not quite, the responsibilities are greater, as is the workload.

Was actually referring to responsibilities outside of work, or lack thereof- as in generally no kids, a big wedge of disposable income etc - hence making for fun times

Dunno why all the hate for City workers etc, if it's so easy move up to London (it's probably one of the easiest places in the world to move to because of all the flatshares available and the public transport network) so there's no excuse really, just requires a lot of hard work, long hours, a drive to succeed and a slice of luck

theNude · 15 Apr 2008 at 09:26

platypus said:
What now?

you know, if i were using an impega correctional fluid and somone asked me for my tipex... its not tipex ffs!

tipex is a brand.

Vanilla · 15 Apr 2008 at 09:27

theDude said:
you know, if i were using an impega correctional fluid and somone asked me for my tipex... its not tipex ffs!

tipex is a brand.

You tell em.

MrMoonX · 15 Apr 2008 at 09:51

haha I dont care if a load of high earning non-domiciles lose their jobs would be a little bit of payback, as long as theres always people to lock up im safe,

>:|sh4d0w|:< · 15 Apr 2008 at 15:13

Edinho said:
No. But about time the finance sector took it. Sick of manufacturing taking it in the neck.

The finance sector drives this country, bankers deserve high pay they work hard for it. Large scale stage-1/2 manufacturing is not profitable enough to sustain the economy.

platypus said:
They already are in a recession.

If you knew what a recession is, youd know that what you just said is wrong.

Mad old tory · 15 Apr 2008 at 15:37

>:|sh4d0w|:< said:
The finance sector drives this country, bankers deserve high pay they work hard for it. Large scale stage-1/2 manufacturing is not profitable enough to sustain the economy.

If you knew what a recession is, youd know that what you just said is wrong.

Well he could be right. IIRC we don't actually have figures for this current period or the last quarter so the US could very possibly be in recession currently.

Agreed about banking though, people forget that the finance industry keeps the country afloat. London has carved a niche for itself as Europe's (and arguably the world's) financial hub and without that we would be screwed.

NickK · 15 Apr 2008 at 15:58

Just as I'm considering a job in London

Digital Punk · 15 Apr 2008 at 16:15

Edinho said:
No. But about time the finance sector took it. Sick of manufacturing taking it in the neck.

I agree. Manufacturing has slowly been killed off in this country which is disgraceful.

Its all about 'finance' now, and we've got nothing else to fall back on.

Still, Brown can always sell off some more of our Gold for a cut-price fee.

ironman · 15 Apr 2008 at 16:28

inferno said:
Some people in this thread are so pathetic. Why so much anger towards people who are succesful, sure some may be big headed, but when you are earning what some of them do, then I guess you can.

One of the reasons London is such an important city is because of all the banking, but yeah, I hope they lose all their jobs

Silly isn't it? People find it easier to pull other people down to make themselves feel better than to try and match their position.

>:|sh4d0w|:< · 16 Apr 2008 at 13:35

Mad old tory said:
Well he could be right. IIRC we don't actually have figures for this current period or the last quarter so the US could very possibly be in recession currently.

We are 16 days into the current quarter (Q208), so no there are no figures for this period, the last two quarters however, (Q108 and Q407) both showed positive real growth for the American economy, yes the trend rate of growth may be slowing, but its still positive growth, hence no recession. I can see why Platypus may make that mistake, often people associate any significant economic downturn or slowdown with the word recession, its a misused and misunderstood term, it has a very specific and delimited economic definition.

Eriedor · 16 Apr 2008 at 14:06

Digital Punk said:
I agree. Manufacturing has slowly been killed off in this country which is disgraceful.

Its all about 'finance' now, and we've got nothing else to fall back on.

Still, Brown can always sell off some more of our Gold for a cut-price fee.

Surely it's quite natural for a country's economy to move from manufacturing industries to service and banking industries as the country gets richer, because as a whole manufacturing costs rise hence it is moved elsewhere.

How could we ever compete with the manufcaturing power of India or China? It's just a natural progression.