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| Financial services sector cutting jobs, says CBI | Financial services sector cutting jobs, says CBI |
| (about 2 hours later) | |
| The UK's financial services sector cut jobs in the third quarter of the year as activity levels fell, the CBI business organisation has said. | The UK's financial services sector cut jobs in the third quarter of the year as activity levels fell, the CBI business organisation has said. |
| The fall in activity is the first for more than two years. | The fall in activity is the first for more than two years. |
| href="http://www.cbi.org.uk/media-centre/press-releases/2012/10/financial-services-business-volumes-fall-unexpectedly-cbi-pwc/" >The survey, which is produced with the consultants PricewaterhouseCoopers, found 49% of financial services firms saw business volumes fall over the period. | |
| That compares with 30% who saw business levels rise. | That compares with 30% who saw business levels rise. |
| The findings mark a sharp turnaround from the previous report at the end of June. | The findings mark a sharp turnaround from the previous report at the end of June. |
| That one recorded the ninth positive quarterly report, with companies reporting overall levels of business above normal for the first time since June 2007. | That one recorded the ninth positive quarterly report, with companies reporting overall levels of business above normal for the first time since June 2007. |
| Matthew Fell, the CBI's director for competitive markets, said conditions were tricky for financial services firms. | Matthew Fell, the CBI's director for competitive markets, said conditions were tricky for financial services firms. |
| "The financial services sector has faced a tough quarter, with sales volumes unexpectedly falling and average costs rising, thus denting profits," he said. | "The financial services sector has faced a tough quarter, with sales volumes unexpectedly falling and average costs rising, thus denting profits," he said. |
| "Sentiment about the business situation also continued to fall." | "Sentiment about the business situation also continued to fall." |
| The UK's economy has contracted for three quarters in a row, although recently there have been signs that suggest the country is returning to economic growth. | The UK's economy has contracted for three quarters in a row, although recently there have been signs that suggest the country is returning to economic growth. |
| Many businesses are reluctant to carry out investment given that the rest of the world, particularly the eurozone, is also struggling with recession or low growth. | Many businesses are reluctant to carry out investment given that the rest of the world, particularly the eurozone, is also struggling with recession or low growth. |
| Mr Fell said uncertainty over demand and the eurozone crisis were encouraging firms to scale back investment and cut jobs. | Mr Fell said uncertainty over demand and the eurozone crisis were encouraging firms to scale back investment and cut jobs. |