Financial services sees business upturn
Wed, 07 Oct 2009
Companies operating in the financial services sector have recorded a first rise in business volumes for two years, it has been reported.
According to the latest Confederation of British Industry (CBI) and PricewaterhouseCoopers Financial Services Survey, the sector has showed tentative signs of recovery over the last three months.
Levels of business were still considered to be well below normal, but optimism is finally returning, the study found.
Securities traders and investment managers have seen particularly strong volume growth over the past quarter, while banks and building societies expect that growth will resume over the next three months.
Ian McCafferty, CBI chief economic adviser, said there were "signs of a brighter outlook" after two years of exceptionally tough operating conditions.
He added: "Business volumes have increased, for the first time since the onset of the credit crunch, and a fall in running costs helped lift profitability.
"This is concrete evidence of the gradual path to recovery that firms were anticipating in our June survey of the sector."
Earlier this week, Barclays, HSBC, Lloyds Banking, the Royal Bank of Scotland and Standard Chartered announced plans to implement new rules on banker bonus payments.
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