Aug 20, 2012 08:02 AM EDT
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Europe's Financial Crisis Deepens as London Loses 3,000 Financial Jobs: New York Sees Increase

By Donovan Jackson
Wall Street
(Photo : Wiki Commons) Economic growth was much weaker than previously estimated in the second quarter as a drought cut into inventories, setting the platform for an even more sluggish performance in the current quarter against the backdrop of slowing factory activity.

According to U.K. researcher Oxford Economics, London will have a net loss of 3,000 financial jobs this year, adding fuel to the fire of the already flaming European debt crisis.

Following the decrease of so many jobs, London's unemployment rate will see an increase in its percentage rate.

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According to Bloomberg, the wholesale financial market may be responsible for more than 25,000 job cuts. The reductions end a run of positive growth in London, which added approximately 28,000 finance jobs in 2010 and 2011, plus another 13,000 in the first quarter of 2012.

However, in New York, approximately 9,000 finance jobs will be added before the end of 2012, says Oxford, powered by spikes in consumer lending and the growth of smaller boutique firms.

The type of finance jobs that will be added are, accountants, real estate agents, investment banker, financial analyst, fund manager, stock broker, insurance agents, financial adviser and commercial banking.

The salaries for these positions will range on a scale of the low $30k-$100k.

These jobs will be filled by professionals who hold graduate and advanced graduate degrees in finance, business administration and economics.

Those holding jobs are likely to get good holiday bonuses, though not at the level they had previously expected. Compensation consultant Johnson Associates said last week that year-end bonuses will be unchanged to 10 percent higher than in 2011, down from the 5 percent to 15 percent increases expected in Johnson's May report.

The consultancy firm blamed the shift on Europe's sovereign-debt crisis.

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