City Redundancy Fears Mount over Credit Crunch Crisis

Latest figures from eFinancialCareers.com, the the UK-based global financial careers website, reveal spiraling fears for job security among City professionals as a result of the US sub-prime market crisis.

[ClickPress, Tue Sep 11 2007] According to a poll of 1,819 financial professionals, 64% of UK City professionals believe that lay-offs are on the cards with nearly half of these (49%) believing that redundancies are inevitable, answering that redundancies are now “very likely”. Only 3% of UK City respondents saw no fall-out from current events.

These concerns are mirrored in Germany and Ireland, where 61% and 66% of financial workers believe that job cuts are now on their way.

Sarah Butcher, editor of eFinancialcareers.com, commented:

“Financial services employees are apprehensive for their futures. With the markets waiting nervously to find out the full impact of the sub-prime crisis, the indication from industry insiders is clearly, therefore, that things don’t look good.”

The concerns being shown by European bankers to the crisis, however, are in stark contrast to those being shown in the Far East and Gulf Region. According to the results from eFinancialCareers.com, a surprising 50% of financial workers in the Gulf Region see little or no likelihood of job cuts as a result of the credit crunch, with 41% and 32% of financial employees in Hong Kong and Singapore being equally upbeat.

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The eFinancialCareers.com poll was conducted via the company’s global network of websites over a 3 week period from 13th August – 31st August.

Further press information

Sarah Butcher, editor of eFinancialCareers.com, is available for comment and interview.

Please contact Jade Mamarbachi or Christian Pickel (gth media) on 020 7153 8035 for further details.

About eFinancialCareers.com:

eFinancialCareers, a Dice subsidiary, is the leading global online network site for jobs and career management in investment banking, asset management and securities. Recruiters and employers can post jobs targeting specific sectors within the financial markets, both buy-side and sell-side, and search the resume database for highly qualified and specialized professionals.

eFinancialCareers provides career sites for the capital markets in the U.S., UK, Ireland, France, Germany, Belgium, Luxembourg, Netherlands, Switzerland, Ireland, Italy, Hong Kong, UAE, Singapore & Australia. The eFinancialCareers network also includes more than 40 partner sites that increase the reach of job listings. These partners include InstitutionalInvestor.com, (U.S.), La Tribune (France), Milano Finanza (Italy), Finanztreff (Germany), Finance Asia (Asia), Financial Standard (Australia).

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