Sacked bankers need help finding work, says minister
November 15, 2008 by Admin
Job centres are under strain to help £75,000 per year bankers find work as Britain was hit by 20,000 job losses in the finance sector in one week, a Government minister said yesterday.
Tony McNulty, the employment minister, decided to speak out after Citigroup and Royal Bank of Scotland joined a string of financial firms making thousands of job cuts as the economic downturn takes its toll on the City.
Unemployment is expected to reach 2 Million by Christmas, and Mr McNulty explained that “We do need to make sure Jobcentre Plus is geared up for your £75,000 a year banker as well as other people and we do need that with fleetness of foot and flexibility.”
Unlike the previous recessions, such as the one in the 1980’s when manufacturing was the worst sector affected, this economic downturn is hitting financial workers hard.
Citigroup said it had already cut 12,900 jobs in the past year and had identified a further 9,100 to go in the coming months. RBS, which is in line for a £20 Billion bail-out from tax payers, is expected to offlay 3,000 jobs.
