Britain's finance companies slash staff

Source: Agencies | March 31, 2009, Tuesday |

Print Edition

BRITAIN'S financial services industry is cutting jobs at the fastest rate for 16 years as it cuts costs to soften the blow of a steep fall in profitability, the results of a survey released yesterday showed.

The CBI/PWC financial services survey, covering the three months to early March, found 9 percent of companies reported a rise in business volumes and 56 percent said volumes fell, giving a net 47 percent of companies reporting a fall.

That marked a sixth successive quarter of declines.

A balance of 47 percent of firms also reported a fall in profitability, a slight improvement from a record drop in the previous survey. A net 27 percent of firms expected a further decline in coming months.

A balance of 40 percent of firms reported a reduction in staff during the latest quarter, the heaviest fall in numbers employed in financial services since June 1993, the report said.

A similar fall (38 percent) is forecast in the current quarter as the global economic crisis continues to hit banks, insurers and other financial firms.

A net 45 percent of companies surveyed said they see a high likelihood of further deterioration in financial market conditions.

Economy

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Britain's finance companies slash staff

Email this to your friend