As revealed exclusively and first on Event yesterday (Monday), the credit crunch is affecting even the industry's biggest players.
"This has been a very difficult decision to make and it is distressing to lose anyone from our dedicated and hardworking team," said Banks Sadler chief executive Leigh Jagger.
"Everyone has worked hard to avoid this situation, but the current economic climate is taking its toll on all in the industry. Despite winning several new accounts in the past few months the business from these new clients is not yet enough to offset cutbacks in other areas."
Positions in the York, Paris and Dusseldorf offices are unaffected by the announcement.
Banks Sadler began organising conferences and events in 1982 and currently have a full-time team of more than 120 people with offices in London, York, Paris, Dusseldorf and Warsaw.