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Will 'savage cuts' lead to increased use of contractors?

2 September 2010
Posted by Alex Turner

Scotland has seen "savage" cuts made to its financial services sector in the last two years, it has been claimed.

According to the Scotsman, one in six financial services jobs has "disappeared" since 2008 and more jobs cuts are on the horizon.

This news could interest a number of sole traders and limited companies working in the sector as many employers could look to ensure projects are completed while keeping permanent headcounts down.

The newspaper highlighted hundreds of job losses at high profile firms including Standard Life and insurance company Aegon.

However, it claimed that the biggest job losses have come from the now part-nationalised banks RBS and Lloyds Banking Group.

RBS is expected to cut a further 400 jobs at its Glasgow-based insurance arm, part of a move to offload 2,000 workers.

The figures follow a recent report by Contract Eye, which claimed that recruitment firms are predicting that the remainder of this year will be "more positive" for contractors than recent months.
 

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