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Are finance experts loosing their jobs?

Last month Recruiters reported a huge drop in vacancies in the Financial sector. After the announcement of staff cuts from most of the major UK banks, major recruitment agencies noticed a drop in the amount of Finance related vacancies which is now 18% down on last years figures.

UK banks were forced to make cuts to their financial staff due to huge profit losses and the big cases concerning miss sold PPI. Customers who have claimed against the banks have been paid out in millions, profits dived and money needed to be saved from somewhere so naturally the next thing to go are the staff.

All t his has added to the UK’s fear of an unstable economy and the health of the UK’s job market.

The financial sector was seen as a recruiting dream for those working in the industry, as banks head hunted and hand picked the brightest financial stars to help re build teams and turn companies around. In the capital city and heart of finance, stocks and shares financial job vacancies fell by 11% last month.

Should finance workers be worried about the security of their own jobs in this current climate? Usually banks trim 5% of the staff headcount each year but cuts may come early this year, due to the drop in investments.

What does this mean for the average person? Well you may notice restructuring at your local bank, you may find services are amalgamated, which doens’t always mean that they are any better than before.

Personally I never tend to visit my bank, and usually go online to sort out any problems. For others this may be easier said than done.

People may have limited Internet access, are used to physically speaking face to face with an advisor plus security worries may prevent people using online banking.


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