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The number of people employed in the financial services sector increased by around 11,000 in the second quarter – the fastest growth rate since the financial crisis, research suggests.
According to the latest CBI/PwC financial services survey, the number working in the sector increased for the first time since September last year and at the fastest pace since 2007.
Firms expect the growth trend to continue with the highest hiring expectation recorded since June 2007, the research found.
Volumes of business across the sector also increased over the three months to June but at a slower pace than the last three quarters.
"The financial services sector continued to recover over the past three months, but with slower volume growth, following three stronger quarters," said CBI chief economic adviser Ian McCafferty.
"What is heartening is the unexpected, strong rise in numbers employed in the sector, the fastest since the financial crisis began in 2007. "
Business volumes grew across all the sub-sectors apart from banking and securities trading, where volumes fell, and insurance broking which was flat.
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Clarification please pwc
Probably all employed in regulation or the MAS.
Posted by: afia
!!,000 More jobs in financial services.
Quite frankly I don't believe it. In my experience IFA's and mortgage brokers are still leaving the industry. As somebody else has commented, all the new jobs are probably in compliance and regulation!
Posted by: Clive Lambert
employed or self-employed?
Employed or self-employed? Most advisers I know are self-employed. Anyone will take you on under that banner!! Are they actually earning anything and contributing to the economy????
Posted by: nick
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What jobs are they?
The article might be useful if it gave a broad breakdown of the large number of jobs which have allegedly been created. Knowing the tendency of some parties to be, shall we say, less than rigorous with the facts, the "creation" might simply be a reclassification of "jobs-worths" to "jobsworths" rather than 11,000 people newly and usefully employed. Let us have the facts and details so we can see for ourselves.
Posted by: Michael Both