PracticeConsultingGrowth returns to financial services market

Growth returns to financial services market

The financial services industry made significant strides to recovery in the last quarter, with staff numbers increasing at the fastest rate in fifteen years.

Link: Top 50: Skills shortage overshadows revival in fortunes

This was the key finding of a survey undertaken of the market by the Confederation of British Industry and PricewaterhouseCoopers, which found that just 5% of companies reduced employment over the last three months, while 41% took staff on.

Furthermore, companies are expecting further growth in employment over the next three months, although it is not expected to be as rapid, with the view being that the market may have peaked for the time being.

News of this comes as the UK’s biggest accountancy firms said they were preparing to expand over the next 12 months, with 80% saying they expect to increase professional headcount and over half looking to take on more partners in the next 12 months, as Accountancy Age reported in its Top 50 survey.

Another sign of recovery – 53% of businesses said business volumes were up compared with the previous quarter, while 9% said they had fallen.

John Hitchens, UK banking leader at PwC said: ‘Despite an overall increase in confidence and continuing recovery over the last quarter, the contrasting results concealed in the latest survey suggest that the industry is struggling to predict future trends.

‘Competition has remained the main preoccupation for financial services firms whilst legislation and regulation have surprisingly become less of a concern.’

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