10,000 jobs losses in financial services, says CBI

According to CBI, about 10,000 jobs may have been lost from the financial services sector in the last quarter.

07:08 02 July 2013

CBI says that in the last quarter, about 10,000 jobs may have been lost from the financial service sector. However, based on the survey that CBI conducted, the worst maybe over. It predicted that there will be a slight improvement in employment in the next quarter due to "strong activity with commercial and retail customers".

CBI also said that based on the survey it conducted, the profit for the financial services sector have slightly decreased, as expected. The losses were trimmed down due to flat average commissions, fees, and premiums.

Unemployment in banking and securities trading has fallen. Meanwhile, the growth in general insurance and investment management has slowed down.

Lindsay Hayward, head of financial services tax at PwC in Scotland, said: "Banking appears to be more upbeat of late, with confidence increasing at its fastest rate since 2000."

"This can be put down to a number of factors from a healthy rise in business volumes to strong activity with commercial and retail customers."

"While this doesn't necessarily mean that credit appetite is growing, it does imply an improvement in economic performance."