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U.K. Finance Industry To Cut 43,000 Jobs As Grads Shun Sector

The U.K.’s financial industry will lose 43,000 jobs in six months, according to a forecast from the Confederation of British Industry, as companies shrink and reduce costs.

Banks, insurers, asset managers and other finance firms probably cut 25,000 positions in the last three months of 2012 and may eliminate 18,000 jobs in the first quarter of this year, according to a study by Britain’s biggest business lobby group and PriceWaterhouseCoopers, published Monday.

Global cuts at financial firms have exceeded 115,000 since 2012 as they seek to control compensation expenses and retreat from capital-intensive businesses, according to data compiled by Bloomberg.

The cuts in the U.K. industry will mean about 132,000 financial-services jobs have been lost since the peak in the final quarter of 2008, when it employed about 1 million people, the CBI said.

In addition to firings, bankers have been retiring earlier and younger would-be recruits are shunning finance for less-tainted industries, said Burrowes.

For young professionals, ‘it’s not an attractive place to go’, he said. Banking and capital markets at his firm, PwC, ‘is not a sector they’re attracted to any longer’, Kevin Burrowes, U.K. financial-services leader at PwC,  said. ‘It used to be our most popular sector’.

Check out the original article over at Bloomberg.

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Campus Recruitment – 35 Top Hiring Firms

Here is a really useful list of some of the major Financial Services employers currently doing the rounds on campus and a link to their graduate recruitment website. You will soon be able to quickly and easily access this information from within YourJobList.com. Currently we don’t expose the URL for an employers graduate job page, just the main recruitment page.

Aon

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AXA

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Bank of America

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Bank of New York Mellon

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BlackRock

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BNP Paribas

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Citi

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Commerzbank

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Credit Suisse

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Deutsche Bank

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Excelian

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Fidelty International

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Goldman Sachs

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Henderson

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Houlihan Lokey

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HSBC

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ICAP

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ING

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Investec

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J.P. Morgan

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M&G Investments

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Macquarie

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Man Group Plc

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Mitsubishi UFJ Securities International

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Morgan Stanley

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Nomura

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Royal Bank of Scotland

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Santander

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Schroders

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Societe Generale

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Standard Chartered Bank

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Susquehanna International Group

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TD Securities

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Trafigura

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UBS

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See the full post over at HereIsTheCity.