Newspaper article The Evening Standard (London, England)

Global Toll Rises to 47,000 as More London Jobs Are Lost

Newspaper article The Evening Standard (London, England)

Global Toll Rises to 47,000 as More London Jobs Are Lost

Article excerpt

Byline: BILL CONDIE

THE worldwide bloodletting of finance jobs has hit 47,000, with Japanesebank Mizuho Financial the latest to wield the axe in London.

Analysis of job losses over the past 10 months suggests the credit crunch tollon banking workforces is likely to top the 100,000 cut between 2001 and 2003after the dotcom bubble burst.

The research from website hereisthecity came as more than 100 people werefacing the axe today at Mizuho, which plans to close its London securitisationbusiness.

Recently, JPMorgan analysts estimated 40,000 London banking jobs will go as aresult of the crisis. Mizuho employs around 480 people in London, and reportsin Tokyo suggested that almost one in four of them would be out of a job.

The biggest London cull has been UBSs plans to shed 900. Merrill Lynch isexpected to cut 350 jobs and Credit Suisse 150.

We have to dismiss the team that creates securitisation products, Mizuhospokesman Toshimitsu Okano said. …

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