INDUSTRY NEWS

City hit hard by job losses

The City of London has been hit hard by recent job losses, according to new employment research.

A study by the Recruitment and Employment Confederation sponsored by KPMG found both permanent and temporary job placements have wilted.

Head of recruitment agency, Hays, told the Times the market has changed noticeably in the last six months.

Alistair Cox said the company was now looking to the government sector for business “but it doesn’t account for the dramatic fall-off in anything to do with construction or the financial sector”.

Hays delivered its half- year results and recorded profits fell three per cent.

Tightening economic conditions have been felt in offices in London and across the UK economy.

House builders and retailers have also cut back on jobs, and banking giant Commerzbank is expected to lose 1,000 staff.ADNFCR-1329-ID-18762296-ADNFCR

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