10,000 City jobs WILL go in the next three months, report warns

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The Confederation of British Industry and accountancy firm PricewaterhouseCoopers say the impact of the credit crunch on financial services firms has worsened in recent months.

Most of the 87 firms polled thought it would take more than six months for market conditions to return to normal.

10,000 jobs will be lost over the next three months, according to a report

The report says 10,000 jobs will be lost over the next three months. In the previous quarter report for April it predicted correctly that around 10,000 workers would go.

Ian McCafferty, the CBI's chief economic adviser, said: 'Profitability in the sector is being badly hit, so firms are trying hard to trim costs by planning to cut back on training and marketing for the first time in a number of years.'