Tuesday, 10 June 2014 08:26
More jobs to be lost than created in finance sector
The finance industry is set to shed more jobs than it creates in the third quarter of 2014, ManpowerGroup has forecast.
Employment prospects in the Finance and Banking sector have fallen to -5% in the third quarter.
The outlook has dropped from +6% last quarter, the first time the sector has reported a negative in over two years.
The Manpower Employment Outlook Survey, based on responses from 2,101 UK employers, asked whether employers intend to hire additional workers or reduce the size of their workforce in the coming quarter.
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Manpower said it is used as a key economic statistic by both the Bank of England and the UK government.
Karen De-Merist, ManpowerGroup sector director for finance and banking said: "The finance and banking sector has seen a fall in hiring intentions this quarter, which is a significant reversal from the positive outlook we reported last time around.
"This reflects the news that several banks have made job cuts in the last few weeks, which has impacted hiring intentions for the quarter ahead."
However, she said youth employment continues to be a priority for organisations across the sector.
She said: "We are still seeing apprenticeship schemes promoted by the banks in particular, with support from politicians and organisations like the Business Services Association - we are seeing the 'new norm' of school leavers choosing apprenticeships."
Employment prospects in the Finance and Banking sector have fallen to -5% in the third quarter.
The outlook has dropped from +6% last quarter, the first time the sector has reported a negative in over two years.
The Manpower Employment Outlook Survey, based on responses from 2,101 UK employers, asked whether employers intend to hire additional workers or reduce the size of their workforce in the coming quarter.
{desktop}{/desktop}{mobile}{/mobile}
Manpower said it is used as a key economic statistic by both the Bank of England and the UK government.
Karen De-Merist, ManpowerGroup sector director for finance and banking said: "The finance and banking sector has seen a fall in hiring intentions this quarter, which is a significant reversal from the positive outlook we reported last time around.
"This reflects the news that several banks have made job cuts in the last few weeks, which has impacted hiring intentions for the quarter ahead."
However, she said youth employment continues to be a priority for organisations across the sector.
She said: "We are still seeing apprenticeship schemes promoted by the banks in particular, with support from politicians and organisations like the Business Services Association - we are seeing the 'new norm' of school leavers choosing apprenticeships."
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