No one thinks it's going to happen to them

When Alicia von Sobbe-Grimberg first heard rumours of the credit crunch she assumed her job at Credit Suisse was safe.

The 28-year-old was at the hub of high-level takeover deals at the global bank's Canary Wharf office. She organised roadshows and helped convince clients around the world to take part in mergers and acquisitions.

But a month ago she was told to pack her desk. "An announcement was made that there were going to be redundancies in our department and I was one of the five that had to go," she said. "The market is quite volatile at the moment but no one thinks it's going to happen to them."

Her friends still working in the financial sector are deeply insecure. She said: "Job losses are the hot topic - people are thinking about it a lot and they are worried about being the ones to go. When you hear reports of banks making massive losses it is not good."

Since being made redundant Miss von Sobbe-Grimberg, who lives in Marylebone, has developed her own business importing Australian clothes.

She said: "In a way it has been a blessing. I don't need to start work early in the morning and I can work in my pyjamas if I want to.

"Money is a bit tight but I am happier and trying to be positive."