Financial services employment and profitability have fallen at their fastest rates in five years. Business volumes have also continued to fall at a sharp pace.
The latest Financial Services Survey from the CBI and PricewaterhouseCoopers LLP also revealed that these firms expect to find it significantly more expensive to access finance for investment purposes, and that they fear the credit squeeze will get worse over the coming six months.
Volumes worse than expected
Business volumes fell sharply, as 17 per cent of respondents said volumes had grown in the three months to early March, while 47 per cent said they had decreased.
