The financial services industry is bracing itself for a tough period on the back of the credit crisis but expects a long term recovery, research suggests.
For the first time in three years, firms anticipate a decrease in business volumes in the coming quarter, with net 11% expecting a reduction, according to the latest CBI/PricewaterhouseCoopers Financial Services survey. CBI chief economic advisor Ian McCafferty says the financial services sector expects difficulties in the months ahead. “The majority of financial services firms have become much more pessimistic, and predict that the credit crunch will put a squeeze on business volumes, incomes and profitability. “They are however sticking with their plans to hire more staff and increase...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
