Numbers employed in the financial services sector fell at the fastest pace for 17 years in the three months to December, according to the latest CBI/PwC survey.
With a worse-than-expected balance of -48%, the number of people employed in the sector plunged at the sharpest rate since March 1993. In addition, staff turnover was at the highest since December 2006 when it was first monitored. In a further sign the sector is struggling, profitability grew at the slowest pace for 18 months. But despite the weak employment and profitability figures, activity in the financial services sector grew strongly for the second quarter in a row. Of 86 respondents asked how their business volumes fared during the quarter, 50% said volumes increased whilst 23%...
To continue reading this article...
Join Professional Adviser for free
- 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