Declining profits has caused the UK financial services industry to lose c 9,000 jobs in the third quarter of this year, according to a survey by PwC and the Confederation of British Industry (CBI).

A further 3,000 jobs may be cut across banks, insurers and asset managers during the final three months of 2012.

The CBI attributes these losses to the UK’s poor economic performance, as banks are faced with increasing regulation following the 2008 crisis, combined with Euro troubles hindering trading profits and slowing the pace of take overs. ‘Faced with such weak demand, the industry is continuing to take steps to reduce its cost base.’

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