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Finance recruitment legal worries
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After the announcement that Citigroup is to cut one-fifth of its staff, banking lawyers fear the economic climate could cause the loss of more positions in the sector, it has been reported.
Citigroup will slash a further 52,000 jobs on top of the 23,000 redundancies made already this year, according to Legal Week.
The bank's move follows Morgan Stanley's employment review that the publication predicted is likely to result in the loss of 3,600 jobs, while 3,300 positions are set to go at Goldman Sachs.
One general counsel told the publication: "Some sectors within the banking world have hit the wall and it is likely to have a knock-on effect on the legal staff. Structured finance, derivatives and property are all in trouble."
The government is reportedly considering allowing people from some legal jobs to become judges for the first time, the Lawyer reported this week.
According to the publication, the proposals aim to create a judiciary reflecting UK society.