Financial Crisis Poised To Hit Europe

From Mish's Global Economic Trend Analysis

Financial Crisis Poised To Hit Europe

Three more nails in the were driven into the European decoupling myth coffin this past weekend. Let's take a look.Reuters is reporting Financial crisis to hit 20,000 London jobs.

"As many as 20,000 jobs in London's financial district are likely to be wiped out due to the financial crisis, a survey showed on Sunday.

The Sunday Telegraph reported that Experian, which provides data and forecasts to government and private bodies, had slashed its predictions for job growth in the City of London and Canary Wharf to a fall of up to 5 percent from its previous forecast of flat net employment this year.

Experian expects between 10,000 and 20,000 jobs to be lost over the year, with the majority going from the financial sector.

With up to 400,000 people employed in London's financial district, a fall of this scale could severely affect the economy, dragging commercial property prices down and hitting related industries such as IT and telecoms, it said. READ THE REST