City of London mayor predicts 70,000 job cuts

At least 70,000 jobs will be lost in London's financial district within barely a year as it grapples with the world financial crisis, the Lord Mayor of the City of London said Wednesday.
Ian Luder, who promotes Britain's financial services sector abroad as part of his non-political role, added that concerns about the bonus culture had to be addressed but stressed those who take risks needed to be rewarded.
Asked about the extent of likely cuts in the city at a press briefing, Luder said: "The forecast is that 70,000 direct jobs in the sector will have gone between late last year and the early part of next year.
"Of course, it's a situation which you'll see repeated across the globe in financial services sectors.
"It's not just the direct jobs, it's obviously the jobs that indirectly depend on people in employment."
Britain's economy shrank 0.5 percent in the three months to September, putting it on the verge of recession which Prime Minister Gordon Brown and Bank of England governor Mervyn King have warned is likely.