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Around 10,000 City jobs will go in the next three years as banks and insurers respond to the global credit squeeze, according to a leading company.

A report by credit-checking firm Experian said the capital's banking district would suffer the biggest hit in terms of financial job losses in the UK, which will total 40,000 by 2011.

With the country's financial institutions cutting lending in response to tighter credit markets, economic growth is slowing and Experian forecasts employment levels will fall for the first time since 1992.

"Financial-services jobs are particularly vulnerable as the fallout from the credit crunch continues," William Thomson, director of international economics at Experian, said in the report.

"The slowdown will bring the impressive run of job creation to a halt."

At the same time, city bonuses are set to slump 40 per cent this year as the credit crunch bites, a leading economic consultant has predicted.

Continued turbulence in credit markets is hitting corporate deal-making and promises to leave the capital's high-flyers out of pocket, according to the Centre for Economics and Business Research (CEBR).

The CEBR predicts this year's bonuses - due to be paid in early 2009 - will total £5.1bn, well below 2007's £8.5bn haul.

2:34pm Friday 9th May 2008

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