But the outplacement and talent management company has reported that although there may be 110,000 job losses in the financial sector alone by April 2009, its outplacement service sales have increased from £3.6 million in 2007 to £4 million this year - a jump of 11%.
Jonathan Cohen, chairman of Savile Group, said: "London's economy is changing dramatically and the job market has been fundamentally transformed. Outplacement services enable the individuals who are affected to reposition and relaunch their careers as quickly and effectively as possible, thereby minimising the misery associated with job losses.
"One of the lessons the firms learned from the last downturn is that it's costly and difficult to replace the best human capital lost during times of distress. Firms aren't wielding axes so much as scalpels and they're still trying to retain their best staff."
Banks axe more jobs to finance high-achievers' bonuses
Some banks have made deeper cuts among staff numbers so they can afford to pay bonuses to their top performers, according to Savile Group.
