BusinessCompany NewsFinancial services on track for recovery

Financial services on track for recovery

The financial services sector is set for a strong recovery with optimism growing more than at any time in the past two years, according to new research.

The quarterly survey by the Confederation of Business and PricewaterhouseCoopers said there had been a turnaround in sentiment although recovery has so far been slower than hoped for.

After falling sharply in the September survey, business optimism stabilised in December and has now begun to improve.

John Hitchins, financial services partner at PwC, said: ‘This latest survey clearly shows that the industry is continuing to focus on cost reduction and that the outlook for employment and investment remains bleak.’

Company plans for expansion remain very limited while capital spending is expected to be cut back in the year ahead, as is spending on marketing.

Ian McCafferty, CBI chief economic adviser, said: ‘The decline in business in financial services has bottomed out but we have yet to see a resumption of the relatively strong rate of expansion that would be regarded as normal in this sector.’

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor