LONDON - Financial services firms in Britain are increasingly optimistic about the business environment heading into the first quarter and are prepared to add as many as 15,000 new jobs in the quarter, according to a survey released on Monday.
Of the 87 banks, asset managers and insurance companies surveyed, 69 percent said they felt more optimistic about the business environment, the highest level since 1989 when the auditing firm PricewaterhouseCoopers and the Confederation of British Industry began the quarterly survey.
“As the recovery takes root in the wider economy, it is beginning to feed through to financial services firms,†said Matthew Fell, the confederation’s director for competitive markets. “Things are starting to look more ‘normal’ after five years of volatility.â€
Financial services companies in Britain hired at their fastest pace since 2007 in the fourth quarter, adding 10,000 jobs. The companies expected to add another 15,000 jobs in the first quarter of this year, the survey found, meaning about 1.16 million people would be employed in the sector in Britain. That compares with about 1.21 million people working in the sector during the fourth quarter of 2008, shortly after the financial crisis began.
Bankers appeared to be particularly optimistic and to be coming to terms with the more intense regulatory scrutiny after the financial crisis.
“The survey suggests that the sector is also beginning to get to grips with its regulatory agenda,†said Kevin Burrowes, the leader of the PricewaterhouseCoopers financial services team in Britain. “Regulation is seen as a lesser obstacle to growth than before and regulatory spending is growing more slowly. There is no question that compliance remains a major concern, but it is slightly less all-consuming than it was.â€
Experience complying with regulations, Mr. Burrowes said, was one of the most sought-after skills for financial professionals in London.
