Business volumes in financial services were up in the three months to June fueling optimism in the industry, despite an unexpected fall in profitability, according to a survey by the Confederation of British Industry (CBI) and PwC.
The research, which questioned 98 firms, showed business volumes have risen across many industry sub-sectors - with the exception of finance houses and parts of the insurance industry - but overall profitability has fallen unexpectedly after six quarters of robust rises. This is down to diminishing pricing power rising costs in many sub-sectors, the firms said. The research found 37% of financial services firms said they felt more optimistic about the overall business situation compared with three months ago, while 9% said they were less optimistic. Almost half (48%) of firms said ...
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