City workers are 'unhappy'

These are the gloomy findings of a survey of 400 workers by Chiumento, a human resources consultancy. Richard Chiumento, chief executive, said: "People are unhappy because they fear for their jobs. They also demand more satisfaction at work than they did a few years ago. Bankers are upset that bonuses have come down."

Investment bank employees were just as fed up as the rest of the other workers surveyed, who included IT staff, lawyers, insurance staff and management consultants. The survey also found that 78% hoped eventually to work outside London.

About 85% of investment bank staff believed redundancies in their industry will increase in the next six months. Nearly half said they knew their employers were reducing headcount. An optimistic 28% of all workers said they would regard redundancy as an opportunity. But 46% would see it as a big setback and 64% would find it humiliating.

Investment bank staff said a low pension was one of their main concerns, with fear of terrorist attacks another. Long hours were a worry for many, while fewer cared about stress or having to commute.

Nearly 20% of staff surveyed wanted to work abroad, while a similar number were keen to set up their own business.

Most older workers and senior staff, including company directors, believed that employment levels in the City would never return to their peak. Younger and more junior staff were more likely to believe that the good times would eventually return.

Penna Meridian, an outplacement firm, said two-thirds of banking staff made redundant in London's financial district last year left the industry. Many joined non-financial firms, set up consultancies or took government jobs, while others studied or went travelling.