View more on these topics

CBI/PwC: Financial services creates 10,000 jobs in Q3

Report also predicts another 2,000 jobs to be created in Q4.

Around 10,000 new jobs were created in the financial services sector between July and September, according to the Confederation of British Industry and PricewaterhouseCoopers.

The survey of 99 financial services firms predicts a further 2,000 new jobs in the last three months of the year, bringing the total number of financial services jobs to 1.14 million by the end of the year.

The research also found that business volumes in the banking sector fell unexpectedly after two quarters of growth.

Business volumes for investment management were broadly flat in the three months to September, ending a run of growth that lasted a year.

Building societies, life insurers and general insurers all saw an increase in business volumes over the same period.

Overall total operating costs edged up marginally in Q3, which the CBI and PwC had expected to decline.

The report also found income from fees, commissions and premiums fell back during the three months to September with income from net interest, investment and trading rising slightly.

CBI director of economics Stephen Gifford says: “With optimism rising and jobs and profitability growing, this is an encouraging quarter for the financial services sector, despite a fall in business volumes in banking.

“Financial services companies are less worried than they were about a potential lack of demand, but dealing with regulation is increasingly weighing on plans for business expansion.”

Evolve Financial Planning director Jason Witcombe says: “People are generally pretty positive at the moment and when that happens the numbers usually follow. It does not feel like we are in a doom and gloom scenario right now.”

Recommended

US-Flag-USA-America-700x450.jpg

US political stalemate is a buying opportunity

Multi-managers believe the political stalemate in the US could be a prime opportunity to buy more risk assets although there is concern about the looming debt ceiling. Last week, for the first time in 17 years, the US government partially closed down after the Republicans refused to agree spending plans that included President Obama’s affordable […]

Holly-Mackay-2013-700x450.jpg
2

D2C platform surge fuelled by bank advice exits

The direct to consumer platform market has been boosted by clients who used to be served by bank advisers, according to The Platforum. Speaking at a Tisa event on platforms in London this week, managing director Holly Mackay said anecdotal evidence from D2C platforms indicated they were seeing most of their new client uptake coming from […]

Nigel-Stockton-whitebg-700.jpg

Countrywide warns of broker recruitment crisis

Countrywide financial services director Nigel Stockton has warned the industry is facing a broker recruitment crisis.

 Speaking at the Financial Services Expo in London last week, Stockton warned lenders will be sweeping up qualified brokers in the run-up to the mortgage market review, when most non-advised sales will be banned. The rules require every mortgage […]

Abe and Modi

Investment ideas to power returns

We believe the most exciting stockmarket opportunities today are in those places where a new generation of leaders are successfully transforming economies and companies in favour of investors. In a new investment guide and website, which is suitable for use with your clients, we set out our views on these reformers. Click here to find […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment