/24-7PressRelease/ - LONDON, UK, April 19, 2008 - Credit crunch has not only squeezed loan availability but also caused almost 20,000 City job loss this year. According to the forecast of the Center for Economics and Business Research (CEBR) 11,000 City job losses in 2008, up from a previous estimate of 7,000, and 8,200 in 2009, giving a total head count of 19,200.This findings are sited in the latest issue of "London and the City prospects".
The worst affected sectors will be corporate finance, investment banking and derivatives. Activity in these sectors has been heavily affected by the credit crunch, asset write downs and the instability in equity markets. According to Dominic Walley, a senior economist at CEBR, "The persistence of the credit crunch and magnitude of its impact on many key markets in the City has necessitated the demand to revise our forecasts for City jobs in 2008 and there is little sign of light at the end of the tunnel for the City."
The value of merger and acquisition activity in the UK is also expected to reduce by 26 percent in 2008 compared with last year. The volumes traded on the London Stock Exchange are set for a sharp 36 percent drop. The problem in the UK liquidity markets is triggered by the sub-prime crisis in the U.S.
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