On the face of it City doesn't seem to be suffering much more than other airports.
Their January pax figures were down 12.6% on January 2008 and their ATMs down 12%.
This compares with drops of 11% and 15% at Stansted and 11% and 10% at Gatwick. Further afield Manchester suffered a drop of 10% and 14%.
I would have expected City to have suffered reductions considerable greater than this given the parless state of the UK financial sector, at least as it's reported in the media.