The sector has also seen its biggest drop in business volumes for nine years, forcing companies to cut costs in order to maintain profitability.Employment has fallen for the second quarter running in this sector whichhas experienced growing employment rates since 1997. Companies expect more job cuts in the next three months.
Marketing expenditure has also dropped for the second consecutive quarter IT expenditure was cut for the first time since September 1992.
Financial services partner John Hitchins said the survey showed the industry remained concerned about the survey.
‘With a clear focus on cost cutting, the sector looks poised to react according to how markets settle following the launch of the Euro and the steady resumption of business activity after the holiday season and post September 11,’ he added.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016