Be careful for what you wish....

Generali

.....as you might just get it

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9786449/City-jobs-numbers-hit-eight-year-low.html

The number of “approved” staff working in the financial services industry has fallen to just under 152,000, the lowest level since the summer of 2004.

Analysis of the Financial Service Authority’s database by corporate finance boutique IMAS, shows that people employed in frontline jobs by banks have fallen by nearly 20,000 since the financial crisis from a peak of about 170,000 in mid-2007.



These were people earning a lot of money and paying a lot of tax as a result.

ruggedtoast

Generali wrote: »

.....as you might just get it

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9786449/City-jobs-numbers-hit-eight-year-low.html

I'm not sure the tax they paid equalled the £350 billion odd quid it cost to bail out their banks after they broke them.

But the All Bar One in Canary Wharf will certainly be counting the costs of an austerity Christmas.

chewmylegoff

All Bar One was doing alright last Friday, but Smollensky's looked very quiet, perhaps they're feeling the brunt of the cuts in staffing.

The vast majority of approved persons hold CF30, the customer function. Most of them do not work for banks and most of them don't earn that much either.

Of course only people who speak directly to customers ( in respect of the sale of regulated investments - so not counter staff in banks) are approved by the FSA. If approved staff are down 20,000 then I expect the number of people in the industry is probably down by at least 3 times that many.

Generali

chewmylegoff wrote: »

All Bar One was doing alright last Friday, but Smollensky's looked very quiet, perhaps they're feeling the brunt of the cuts in staffing.

The vast majority of approved persons hold CF30, the customer function. Most of them do not work for banks and most of them don't earn that much either.

Of course only people who speak directly to customers ( in respect of the sale of regulated investments - so not counter staff in banks) are approved by the FSA. If approved staff are down 20,000 then I expect the number of people in the industry is probably down by at least 3 times that many.

Surveys suggest that 100,000 finance jobs have gone in the Square Mile and Docklands together since 2007.

globalds

Generali wrote: »

Surveys suggest that 100,000 finance jobs have gone in the Square Mile and Docklands together since 2007.

Would it be as concerning if they were workers in the motor industry ..Or miners in a bygone age ?
worth subsidising these lot ?

headcone

Generali wrote: »

Surveys suggest that 100,000 finance jobs have gone in the Square Mile and Docklands together since 2007.

So what,my nephew is one of those figures.

Let`s see if he can survive in the real world.

Generali

globalds wrote: »

Would it be as concerning if they were workers in the motor industry ..Or miners in a bygone age ?
worth subsidising these lot ?

It's no more worth subsidising miners than bankers IMHO.

headcone wrote: »

So what,my nephew is one of those figures.

Let`s see if he can survive in the real world.

It depends what you call the real world really. I worked 16 hour days and did extra on weekends, that resilience takes you a long way in life and there are plenty who do the same hours or more.