Job losses in London’s financial sector could be even greater than feared this year amid an uncertain outlook for global markets and continuing losses in the banking sector from the US sub-prime lending crisis. Financial Times

Some forecasters say at least 10,000 jobs will be shed in London’s financial sector this year, and many are warning this number could rise rapidly.

'Whilst there have been some small cuts before and just after new year, I believe we will see a much larger-scale set of redundancies in the coming weeks and months if conditions don’t improve,' said Matthew Osborne, partner at Armstrong International, the executive search firm.