The finance sector is braced for months of tough trading after the recent market turmoil and credit crunch, it has been reported.
Conducted by the Confederation of British Industry (CBI) and PricewaterhouseCoopers, the latest Financial Services Survey shows that the three months up until September were periods of strong growth for the sector but expects the coming months to present harsher conditions.
CBI chief economic advisor Ian McCafferty commented that financial companies have become "pessimistic" but do not see the situation as long-term.
"They are however sticking with their plans to hire more staff and increase investment in training, IT and marketing, which suggests they anticipate an end to the current turbulence and don't foresee major long-term damage to the sector," he remarked.
He added that demand and profit grew healthily from June onwards against market expectations.
The CBI is concerned with sustaining good business conditions in the UK, working with the government, legislators and policy-makers to ensure the country competes effectively in the business arena.
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