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Chickens of energy shortage come home to roost in London stock market

In London the growth economics gravy-train for golden boys is going off the rails and it looks like 10,000 to 40,000 traders may lose their jobs, according to a report on the French news on France2 Info 20h on 28-5-08.

London has been known as a world financial capital for a few years now and thousands of traders go to work every day there. The so-called sub-prime crisis, however, and oil prices, seem to be coming home to roost. Since the beginning of the year, 4000 traders have been quietly sacked.

The sackings are made discretely, very quickly, to avoid demoralising those still on board. Traders won't risk their jobs by talking about the situation, but it is anticipated that up to 40,000 will lose their jobs by the end of the year.

Sheila Newman