The London Daily News

City News Desk

Jobs in London's financial services are being axed at levels not seen in recent times with UBS leading the charge in a decision to cut 5 percent of its workforce globally leading to 300 loses in London, and 40,000 jobs across Europe are at risk cut by other European banks as the global economy deteriorates.

In a statement issued yesterday UBS, Switzerland’s biggest bank, said "it will eliminate 3,500 jobs, mainly from its investment bank". The cuts at UBS follow on from HSBC which announced 30,000 cuts in August, Barclays cutting 3,000, Royal Bank of Scotland 2,000 posts and Credit Suisse Group AG (CSGN) announced 2,000 reductions on July 28.

Bloomberg news has said that "European banks are slashing jobs this year six times faster than their U.S. peers" because of "concerns about the creditworthiness of Italy, Spain and France roil financial markets and reduce income from fixed- income trading, stock and bond underwriting as well as mergers and acquisitions".

Speaking to Bloomberg news Jonathan Evans, chairman of executive- search firm Sammons Associates said:

“It’s a bloodbath, and I expect things to get worse before they get better, I cannot see a lot of those who have lost their jobs getting re-employed. Regardless of how good someone is, no one wants to talk about hiring. Life will be very difficult for two or three years.”