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According to respected Centre for Economics and Business Research think tank, some 11,000 jobs are to be lost in the capital this year, up for the previous estimate of 7,000.
Reuters reports that a further 8,200 jobs look set to go in 2009 - a total of 19,200 jobs - a bigger cull than when the dotcom bubble burst at the turn of the century.
Ian Bird, head of employment at Bird and Bird, the international legal firm, advises those whose jobs are threatened to acquaint themselves with their legal rights.
"Every day someone somewhere will be shown the door," he said, adding: "A little knowledge of what to expect can help ease the pain."
In the meantime, while the damoclesian sword of unemployment hovers, those with financial savvy could take the opportunity of enlisting in a stock market training course and learning to plough their own furrow in the world of stocks and shares.
