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City firms to axe 13,000 jobs in London in 2013: Think-tank

Published on Nov 6, 2012 7:11 PM

LONDON (REUTERS) - London's financial sector will lay off 13,000 staff in 2013 after a weak year for deal-making, a study forecast on Tuesday, slashing employment in one of the UK's key economic motors to its lowest since the early 1990s.

Financial firms in Europe's biggest financial centre have now laid off more than 100,000 employees since a market peak in 2007, driven by four years of crisis that have brought a wholesale reassessment of banks' role and business models.

Continuing cuts will bring job levels to a 20-year low in 2014, the Centre for Economics and Business Research (CEBR) predicted.

The Centre had previously expected banks and other financial firms to add around 6,000 jobs next year but it said it now expected a collapse in many business areas during 2012 and saw little chance of a big rise in activity in 2013.

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