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Banks 'show first recovery signs' | Banks 'show first recovery signs' |
(about 7 hours later) | |
Financial firms may be recovering, with business volumes growing for the first time in two years, a survey has shown. | Financial firms may be recovering, with business volumes growing for the first time in two years, a survey has shown. |
Business increased in three months to early September, said 7% of those surveyed by PricewaterhouseCoopers and business organisation the CBI. | Business increased in three months to early September, said 7% of those surveyed by PricewaterhouseCoopers and business organisation the CBI. |
But building societies returned to feeling "downbeat" and business levels were weak in other areas, suggesting the recovery still has a way to go. | |
"Future demand is still a major concern," said the researchers. | "Future demand is still a major concern," said the researchers. |
'Upswing' | |
On balance, 36% of financial services firms are more optimistic about the general business situation than in June. | On balance, 36% of financial services firms are more optimistic about the general business situation than in June. |
"For the first time since June 2007, banks are experiencing an upswing in confidence," said Andrew Gray, head of financial services consulting at PricewaterhouseCoopers. | "For the first time since June 2007, banks are experiencing an upswing in confidence," said Andrew Gray, head of financial services consulting at PricewaterhouseCoopers. |
"Confidence is, in part, offset by concerns of further impairments and the impact of 'tougher' regulation." | "Confidence is, in part, offset by concerns of further impairments and the impact of 'tougher' regulation." |
The UK's five largest banks recently accepted curbs on bonuses agreed by G20 leaders at the recent Pittsburgh summit, and stronger rules on overall banking are likely to follow. | The UK's five largest banks recently accepted curbs on bonuses agreed by G20 leaders at the recent Pittsburgh summit, and stronger rules on overall banking are likely to follow. |
Building societies | |
Building societies were feeling downbeat about their prospects, partly because of difficulties with funding. | |
The survey found that profitability at building societies was "broadly flat" over the three months, with a resumption of declines expected in the current quarter. | |
"Signs of stabilisation in the housing market, however, have provided some cause for 'cautious cheer'," the report said. | |
But it added that almost all societies were cutting operating costs and staff. | |
'Happy' traders | 'Happy' traders |
Securities trading - behind much of the toxic waste that almost brought down the financial system last year - rose, driven by a record level of growth in dealings with financial institutions and "healthy" growth in business with overseas customers. | |
"Securities traders are enjoying life again," said Pars Purewal, who looks after UK asset management at PricewaterhouseCoopers. | "Securities traders are enjoying life again," said Pars Purewal, who looks after UK asset management at PricewaterhouseCoopers. |
"For the first time in the survey's 20-year history, all respondents are feeling optimistic about their business situation, a reflection of the rebound in equity markets." | "For the first time in the survey's 20-year history, all respondents are feeling optimistic about their business situation, a reflection of the rebound in equity markets." |
Mr Purewal said caution remained over the "threat of regulation" and whether demand would keep holding up. | Mr Purewal said caution remained over the "threat of regulation" and whether demand would keep holding up. |