City sackings soar as FSA cracks down
Sackings and suspensions hit a five-year high in the City last year, as the financial crisis continued to take its toll on employment amid a clampdown on wrongdoing by the regulator.
A total of 1,373 City staff were suspended or dismissed last year, which represents a 76 per cent jump on the year before, as the Financial Services Authority stepped up its campaign against white-collar crime.
"The FSA has increasingly shown that it is cracking down on financial crime and market abuse. Financial services firms are operating under increased scrutiny and as a result employers are imposing industry rules more strictly," said Helen Farr, a partner at Pinsent Masons, the law firm which sourced the figures through a freedom of information request. "FSA enforcement activity has clearly had an impact on firms' willingness to tolerate wrongdoing. Firms now appear much more likely to discipline employees for offences," Ms Farr continued, adding that the case of Kweku Adoboli had helped focus minds in the industry.
Adoboli was sentenced to seven years in jail after a jury at Southwark Crown Court found him guilty of two charges of fraud after losing £1.4bn of UBS money.
The number of redundancies among City workers rose to 35,495 last year, from 33,435 in 2011, as the eurozone crisis looked set to continue for some time.
Last year's job losses brings the total number of jobs lost because of redundancy and dismissal over the past five years to 177,697.
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 2 Brazil vs Germany World Cup 2014: In defence of Mesut Ozil - the Arsenal midfielder works magic in the shadows
- 3 Do you know this man? Amnesia sufferer found in park pleads for help in identifying who he is
- 4 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Jennifer Lawrence face palms Emma Watson at Christian Dior show in Paris
Mick Jagger denies being World Cup curse and reason for Brazil’s embarrassing defeat
Gingers face extinction due to climate change, scientists warn
Do you know this man? Amnesia sufferer found in park pleads for help in identifying who he is
Sustained immigration has not harmed Britons' employment, say government advisers
British jihadist calls for 'flag of Islam' over Downing Street and Buckingham Palace
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
There’s a nasty smell in the political air – and it’s coming from the Tories
iJobs Money & Business
£60000 - £75000 per annum: Harrington Starr: Business Analyst Consultant (Fina...
£60000 per annum: Harrington Starr: A leading provider in investment managemen...
£600 - £700 per day: Harrington Starr: AVS, JVS Openlink Endur Developer JVS, ...
£30000 per annum: Harrington Starr: A global leader in trading platforms and e...