Unite: Finance jobs face axe

OVER 100,000 jobs have been lost in the financial services sector during the last three years with continuing fears by trade union Unite that a “significant” number of jobs are still at risk, despite reports from the UK’s major recruiters that financial services personnel are high in demand.

Unite has warned over dangers that a “significant number” of jobs could be axed in the coming years. The union’s comments come on the third anniversary of the run on Northern Rock and the start of the banking crisis.

But the UK’s largest recruiters, including Robert Walters, Michael Page and Hays, remain confident that the financial services sector is already beginning to replace lost headcount.

The white-collar recruiters have linked a renewed boost in business to an increasing demand for professionals by the financial services sector.

Unite argued that “little has been done” to overhaul the regulatory landscape of the financial services sector in order to prevent further crisis.

“Reform of the financial services industry has been too slow, too timid, and done nothing to change the culture of those at the top of the industry,” said Rob MacGregor, Unite national officer.

Lloyds Banking Group and Royal Bank of Scotland (RBS) have collectively announced 38,300 job cuts since 2008, said Unite.