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Britain's finance companies slash staff
Source: Agencies |
March 31, 2009, Tuesday
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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.
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.
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