U.K. Seen Shrinking This Quarter Amid Triple-Dip Risk: Economy
Britain’s economy may shrink this quarter and the risk has increased that the country will succumb to its first triple-dip recession since records began almost six decades ago, according to a survey of economists.
Banks may shrink for good as layoffs near 160,000
A Reuters analysis of job cuts announced by 29 major banks showed the layoffs were much bigger in Europe than in Asia or the United States. That is a particular blow to Britain where the finance industry makes up roughly 10 percent of the economy.
UK finance bonuses to plummet as London loses ground
Yet the impact of the squeeze on the sector goes further than bonus payments and the researchers also said employment in London's banks, brokerages and other financial sector firms - collectively known as the City - will keep shrinking. They said this would allow rival centre Hong Kong to overtake London by size in the next three years.
Ex-bankers in London embark on new careers
"They were ringing people on the phone and telling them to go to the fifth floor. And they never returned from the fifth floor."
It was a ruse. They were actually led into Room 101.