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Five separate bodies including the Centre for Economic and Business Research (CEBR) and PriceWaterhouseCoopers (PwC) have warned of a difficult period ahead.
This turbulence is driven by a variety of factors, including negative interest rates globally and a slowdown in economic growth, according to City AM.
This could lead to layoffs in City firms, a collapse in bonus payments and reductions in investment and sales, the think tanks warn.
Douglas McWilliams, president of the CEBR, told City AM: “Banking activity has been pretty flat, stock market turnover is down about a fifth in a year, M&A is a disaster zone. As these activities disappear, measured productivity for the UK will fall.”
He also predicts bonuses for City workers could “collapse” amid “a lot of layoffs” this year.