Banking & Finance seeing further slowdown

Jan. 12, 2010 - PRLog -- London (Ask4debtconsolidation) : According to the reports presented by PricewaterhouseCoopers, the financial sector of UK, on which a bigger part of the economy relies, is expected to dip further. The report suggests that this sector will face hard times during the first 3 months of 2010.

Confederation of British Industry has said that the financial services sector has seen growth in the first 3 quarters of 2009. However, this growth is expected to see a halt in the first quarter of the current year.

The reviews presented by the industry insiders were mixed. About 32% of financial service providers involved in the business of banking and asset management have shown some growth in their trading volumes, while about 28% have pointed out a negative growth in their businesses.

Currently, about 13% of the businesses are expecting a further de-growth in their volumes, while those who have tasted some success are also expecting a further downfall.

According to chief economic adviser to CBI, Ian McCafferty, the UK financial service sector is witnessing some growth, however, this is not expected to continue in the new year. He added that there would be no improvement in the positive figures in the first three month of 2010.

However, on the positive side, he said that financial services firms have increased the confidence in general business situation, have shown growth in the profit margins and lower number of job losses. He added that there would be less job losses in the new year.

A banking expert at PwC, John Hitchins said that the sector is not expected to work properly in the short term. The profits and activities are expected to decline in this year.

However, the negative growth is not all in the box in new year as a report presented by Grant Thornton has shown some optimism in the privately held business in the las year and is also expecting the continuation of this trend.

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