City offices face further job cuts


Offices in London are poised for news of huge job losses at Merrill Lynch and its owner Bank of America (BoA), the Times has reported.

Up to 1,900 workers could be made redundant and staff at Merrill Lynch have been told 30 per cent of their London–based colleagues could be affected.

BoA had earlier said it wanted to make cuts of between 11 and 13 per cent and according to the Times investment bankers will be hardest hit.

"Everyone’s got the hump. Everyone’s really down. Last week we had to be interviewed for our own jobs," one of the firm’s traders told the paper.

The Confederation of British Industry has warned financial industries face a significant increase in job losses.

Deputy director general John Cridland said: "2008 was the year the financial services industry would rather forget, and unfortunately it looks set to remain under pressure in early 2009".