The recent turmoil in the financial markets could cost 5,000 jobs in the City of London, a leading economist has predicted.
Jonathan Said, from the Centre for Economics and Business Research said: 'In the next six months we predict up to 5,000 job cuts across banks, private equity firms, hedge funds, stockbrokers and other financial groups as they try to cut their losses.'
Mr Said added that he also expected to see City bonuses fall by up to 15% in 2007 as other businesses try to trim costs.
