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According to the Financial Times, the staffing cutbacks are being made despite impressive second quarter results and will affect the worst-performing five per cent currently employed at the bank.
One senior manager told the newspaper: "It is always the front office that gets hit first, because no one is quite sure what back office does and they are less visible. Back office is also helped because that is where human resources is based."
The Centre of Economics and Business Research claims that as many as 11,000 jobs will be lost in London this year alone, followed by a further 8,200 in 2009.
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