http://www.telegraph.co.uk/money/mai.../cccity113.xml
UK economy faces tough times as credit crunch hits big City spenders
He was one of 200 people who were let go by RBS last week as the bank slashed its European leveraged finance, real estate finance and commercial mortgage-backed securities businesses in London - but believes he was one of the lucky ones.
"At least I was expecting it," said Jonathan, who did not want to provide his full name. "We've had a great run, made a lot of money but frankly we've not been busy for a long time. The writing was on the wall. My wife gave up work after our second child was born last summer as the credit crunch started, so I had to plan. We were due to move to Kensington before Christmas but we're staying in Fulham instead and delayed sending our 4-year-old to private pre-prep school for a year. We've also kept the car rather than upgrading, cancelled skiing and didn't book the house in the South of France for the summer. Others I was working with carried on assuming things would pick up, they've got to make all the cuts now. That's more frightening."
That's brought a tear to my eye. No holiday in the south of France and delayed a trade up in car. Crushing.
UK economy faces tough times as credit crunch hits big City spenders
He was one of 200 people who were let go by RBS last week as the bank slashed its European leveraged finance, real estate finance and commercial mortgage-backed securities businesses in London - but believes he was one of the lucky ones.
"At least I was expecting it," said Jonathan, who did not want to provide his full name. "We've had a great run, made a lot of money but frankly we've not been busy for a long time. The writing was on the wall. My wife gave up work after our second child was born last summer as the credit crunch started, so I had to plan. We were due to move to Kensington before Christmas but we're staying in Fulham instead and delayed sending our 4-year-old to private pre-prep school for a year. We've also kept the car rather than upgrading, cancelled skiing and didn't book the house in the South of France for the summer. Others I was working with carried on assuming things would pick up, they've got to make all the cuts now. That's more frightening."
That's brought a tear to my eye. No holiday in the south of France and delayed a trade up in car. Crushing.
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