There are increased rumours of large numbers of potential job losses in the City after it suffered one of it’s quietest deal making period over recent months. Last Monday 30 employees at German lender, Berenberg, were let go representing approximately 1 in 10 jobs in it’s investment banking division. According to data from EY, only 305 listings took place globally between April and June, a drop of some 54% on the same period last year. London fared even worse raising only $150m, a drop of 99%, on only 13 initial public offerings. It is likely that these are simply the first of many layoffs in the industry as we head towards recession.
Coming so soon after the pandemic and it’s impact upon businesses in the City this is a further blow to staff who are already fatigued and in need of some job security.
If you are facing the prospect of being made redundant and want to know your rights and options please contact our Employment Team on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be in touch.