Jobs boom in financial sector: CBI

Julian Harris
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HIRING in financial services hit its highest level since the credit crunch in the three months to June, a survey from the Confederation of British Industry (CBI) will show today.

“Similar growth is predicted for the coming three months,” the CBI said in its latest financial services survey, compiled with PwC.

Income from interest, investment or trading grew at its quickest rate since March 2007. Revenues from fees, commission and premium income also rose strongly, the survey says.

Job opportunities across all sectors sprung back sharply in June, according to a separate poll conducted by Reed, also released today.

Reed’s job index jumped by three per cent in June compared to May, with demand for workers in the insurance sector reaching its highest level since the records began.

Yet signs of a slowdown were still evident in the CBI’s report. While financial services continued to grow in the three months to June, expansion was at a slower rate than in the previous three quarters.

Business optimism remained at the same rate it was at three months ago. Sentiment in the industry spiked in the first three months of the year.

“Concerns about economic recovery and demand have caused a dip in banks’ confidence while, for the first time in a year, business volumes are dropping off,” said Andrew Gray, UK banking leader at PwC.