Banks retrenchment caused turmoil in the financial market as it may consequently cause 10,000 jobs. Centre for Economic Business Research suggested just three months ago that job losses would reach only 6,500 this year. The forecast is a revision from what was predicted 3 months ago. And it is better a prediction. Banks that includes Citigroup, Morgan Stanley, Goldman Sachs, Deutsche Bank and Merrill Lynch has already cut on their job requirements. Statistics showed in the city history that banking jobs were cut off in the 1992 recession and 2002 and this prediction of retrenchment is quite low as compared.
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