PracticeConsultingSlowdown threatens finance jobs

Slowdown threatens finance jobs

Finance professionals are facing an uncertain future after more companies announced job cuts and one in two finance directors this week predicted slowdown by the end of the year.

In a week when global and UK companies announced nearly 100,000 redundancies, finance staff fears were heightened as employers refused to say where the axe would fall.

FDs added to the concerns after this week’s Accountancy Age/Reed Personnel Big Question found almost 50% are expecting a slowdown in their industry sectors.

Despite assurances from employers that it was too early to say where the cuts would come, ‘across the board’ redundancies will almost certainly involve finance staff.

NTL is getting rid of up to 2,500 staff but was unable to say where the losses would be felt.

Invensys is to cut 2,500 jobs worldwide, 8% in the UK. A spokesman said cuts in the finance department were ‘a possibility’.

The recent spate of mega-mergers is also expected to lead to job cuts.

GlaxoSmithKline has not revealed how many accountants it expects to shed as a result of the merger that created the company earlier this year.

But it is looking to rationalise its head office significantly as part its plan to save Pounds 1.6bn as a result of the merger within three years.

Links

UK companies hit by profit worries

ITEM: Lower pound or face recession

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