Wednesday 22 November 2017

UK financial firms tipped to accelerate recruitment

UK financial firms may step up recruitment in the third quarter of this year, after cutting 10,000 jobs over the past three months through June, according to the Confederation of British Industry (CBI).

Banks, insurers and asset managers may add about 1,000 positions in the coming three months, Britain's biggest business lobby group and accounting firm Pricewaterhouse Coopers LLP said in a study published yesterday.

The same survey estimated in April that firms would hire 2,000 employees in the second quarter. The reversal comes as lenders including Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc cut staff to save costs and run down or sell unwanted assets amid tightened regulatory capital requirements.

The proportion of banks citing legislation and new rules as a factor limiting expansion in the year ahead "rose notably", the CBI said.

Irish Independent

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