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Financial firms in London, besieged by Europe’s sovereign-debt crisis, probably will shrink their workforce this year, snapping a hiring rebound from 2008’s credit crisis as New York’s industry ekes out job growth.
Banks, insurers and other financial-services firms may eliminate about 3,000 jobs across greater London as companies in the New York region add 9,000, according to U.K.-based researcher Oxford Economics Ltd.
London’s proximity to the debt crisis is undermining the city’s efforts to gain on its trans-Atlantic rival. While Wall Street also is suffering from a global slowdown in trading and deal-making, North American banks are benefiting from a surge in consumer lending.
“Wall Street is tilting toward younger, up-and-coming talent,” Kahn said. “Some of the folks that have a lot of experience and are paid a lot more money have been downsized in a cost-cutting effort.”
Finding a job has been toughest for people seeking middle- management positions, while lower ranks, such as associates and analysts, are faring better, WhiteRock’s Dolfino said.
http://www.bloomberg.com/news/2012-...een-surging-as-finance-firms-add-ny-jobs.html
Banks, insurers and other financial-services firms may eliminate about 3,000 jobs across greater London as companies in the New York region add 9,000, according to U.K.-based researcher Oxford Economics Ltd.
London’s proximity to the debt crisis is undermining the city’s efforts to gain on its trans-Atlantic rival. While Wall Street also is suffering from a global slowdown in trading and deal-making, North American banks are benefiting from a surge in consumer lending.
“Wall Street is tilting toward younger, up-and-coming talent,” Kahn said. “Some of the folks that have a lot of experience and are paid a lot more money have been downsized in a cost-cutting effort.”
Finding a job has been toughest for people seeking middle- management positions, while lower ranks, such as associates and analysts, are faring better, WhiteRock’s Dolfino said.
http://www.bloomberg.com/news/2012-...een-surging-as-finance-firms-add-ny-jobs.html
