Firms to cut 13,000 City jobs in 2013

London's financial sector will slash 13,000 jobs next year, and bring job levels to a 20-year low in 2014, according to a forecast study.

Financial firms in London have already laid off more than 100,000 employees since the financial crisis hit in 2007, and after a weak year of deal-making and trading, employment in the sector could be cut to its lowest since the early 1990s, the Centre for Economics and Business Research predicted. The thinktank had previously predicted banks and other financial firms would add around 6,000 jobs next year but it said it now expected a collapse in many business areas during 2012 and saw little chance of a big rise in activity in 2013, reported Reuters. "The models indicate at best stabi...