City job cuts ‘to hit Go-Ahead

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That is the conclusion of broker Collins Stewart, which has identified the operator of the Southern, Gatwick Express, Southeastern and London Midland services as having gained most in the commuter boom of the last two years and now has most to lose.

Collins says 84% of Go-Ahead's rail revenues are dependent on the London and commuter markets — equating to 53% of total group revenues.

That compares with 34% for Stagecoach, which runs South West Trains and co-owns Virgin Trains, and 32% for National Express, which serves King's Cross, Liverpool Street and Fenchurch Street.

FirstGroup, responsible for Paddington services and for FirstCapitalConnect, has exposure of less than 10% to the London commuter market.

Go-Ahead shares have dived by 35% in the past year.