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Impact of credit crunch spreads to consumer spending in City
Added: (Tue May 06 2008)
With investment bankers on track for considerably lower bonuses this year, the latest poll from eFinancialCareers.com – the global financial services careers website – reveals that many have already banked enough to withstand the crunch.
Of the more than 1500 financial professionals who responded, 52% said the impact of a lower bonus would be minor and they would simply have to “cut back on the caviar.”
For the other 48%, lower bonus payouts will be a bigger issue. 13% said they would have to consider selling their houses; 9% said they would have to take their children out of private school; and 26% admitted they would have to cancel their holidays.
Sarah Butcher, editor of eFinancialCareers.com, commented:
“Our latest survey reveals that around half the financial services community can survive a few lean years with only superficial changes to their lifestyle. For the other half, however, smaller bonuses are a serious prospect. Forced house prices sales and holiday cancellations could have a serious impact on the economy of the South East.”
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Further press information
Sarah Butcher, editor of eFinancialCareers.com, is available for comment and interview.
Please contact Christian Pickel or Brooke Paul (gth media) on 020 7153 8036/8035 for further details.
About eFinancialCareers
eFinancialCareers, a Dice Holdings, Inc. company, is the leading global career site network for professionals working in the investment banking, asset management and securities industries. The website provides financial services professionals with job opportunities, job market news and analysis, salary surveys and career advice. Recruiters and employers can post jobs targeting specific sectors within the financial services industry, both buy-side and sell-side, and can search the resume database for highly qualified and specialized professionals. eFinancialCareers has a network of co-branded career sites with industry-leading trade publications and offers local websites in 15 markets and five languages across North America, Europe, the Middle East and Asia-Pacific. www.eFinancialCareers.com