Horlick - Big Redundancies Still To Come

Reuters reports that City 'Superwoman' Nicola Horlick is predicting that further pain will be felt in the financial markets and that more job losses are likely.

Ms Horlick, who is chief executive of SocGen's asset management arm, SGAM, said that at least half of all UK-based money managers were making losses as at the end of September. She told the news agency that 'there are some big redundancies still to come and I think that the City of London is going to be hit hard'.

Horlick also had a pop at investment banking research, calling the teams that had grown up at firms during the last big bull run 'ridiculously large.' The star fund manager also predicted significantly lower bonuses for those City staff that still had a job at the end of the year.

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