January 12, 2009

Job losses in the battered financial sector are expected to accelerate sharply in the first months of this year as business activity and profitability fall at record rates, a Confederation of British Industry survey shows today.

Revenues and profitability in the industry have slumped to new lows as fee and net interest income drop at record rates, the CBI said. The financial crisis continued to spread to the wider economy as business with manufacturers, retailers and other commercial firms shrank at a record pace.