UK banks 'to cull 8,000 jobs'

3 October 2011

The next two years could see as many as 8,000 jobs cut in the banking sector.

This is according to a new survey from the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC), which predicted tough times ahead for the industry over the coming 24 months.

It is likely that growth is to slow in the next three months, while profits will be stunted - the first time in two years the industry will not enjoy such improvements.

Ian McCafferty, chief economic adviser at the CBI, which has offices around the world - in the UK, Beijing, Washington and Brussels - said only building societies do not expect to see a fall in sentiment in the next few months.

The industry figure explained: "Our survey suggests that having seen a rise in employment of 1,000 in the third quarter, we expect to see a fall of 8,000 in the fourth quarter."

By Asim Shah

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