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British financials plan to cut 13,000 jobs
  Hedgeweb - MON, JUN 29 2009
News U.K. financial services companies may cut 13,000 jobs in the third quarter even as they express rising optimism for the first time in two years, according to CBI, Britain??s biggest business lobby group.

??Conditions still remain rough but there are signs of some improvement expected in the coming months,? according to Ian McCafferty, the Confederation of British Industry??s chief economic adviser at a press conference in London. Profits, employment and investment remain ??on a downward trend,? he said.

The rate of job cuts is slowing, the group??s quarterly financial services survey showed. Financial services companies cut about 17,000 jobs in the first quarter and probably shed 15,000 in the second quarter, said the CBI.

For the financial services industry as a whole, revenue is expected to rise for the first time next quarter following seven quarters of decline, the CBI said. About 86 percent of companies cited uncertainty about demand as the most common concern when asked what may prevent expansion over the coming year. That was the highest since March 2003, the CBI said.

Insurance companies are the most optimistic about growth in the three months starting July 1, while customer-owned lenders, known as building societies, anticipate revenue and profitability will ??stabilize?. Securities traders and investment managers expect an improvement in their business to be ??short-lived,? said the CBI.

The CBI surveyed 73 financial-services companies, including banks, building societies, insurers, brokers and fund managers from May 20 to June 3. The CBI represents about 240,000 companies that employ one-third of Britain??s private sector workforce.

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