PracticeConsultingRecovery expected in financial services

Recovery expected in financial services

Business volumes and jobs in the financial services sector are set to grow, according to a joint survey from the Confederation of British Industry and PricewaterhouseCoopers out today.

Link: Financial services on track for recovery

Forty four percent of respondents from 123 financial services companies said they were more optimistic about business conditions in their sector than three months ago, while 7% were less optimistic – the strongest level of optimism in the sector since 1999.

While jobs cuts have continued in the last six months – just last week Friends Provident announced potential cuts from its direct sales force – overall more respondents expect to increase jobs than reduce them.

CBI chief economist Ian McCafferty said the results showed that a recovery in financial services is taking hold, against the background of an improving stock market and global economy. ‘The first expected increase in financial services employment for more than two years and the end of the downward slide in expected IT investment are further indications that a real turnaround is underway,’ he said.

John Hitchins, UK banking leader at PwC, said ‘All the sectors most closely exposed to the stock market have reported a growth in business with private individuals. The return of private investors to the market is an important signal of recovery.’

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

4m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

10m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

11m Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

12m Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

11m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

11m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

11m Kevin Reed, Writer