Finance Industry Recession Hits Jobs
Byline: Steve Pain
The country's financial services industry is in recession for the first time in ten years, according to research released yesterday by the CBI and PricewaterhouseCoopers.
And the two consecutive quarters of falling output have prompted companies to reduce their cost bases, with job cuts running at the highest rate for six years.
David Waller, Midlands chairman of PwC, said: 'A second quarter of declining profitability has triggered a sharp fall in business confidence, made worse by uncertainties about the future outlook.
'The extent of job cutting suggests that companies believe an upturn is not imminent,' he added.
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Publication information:
Article title: Finance Industry Recession Hits Jobs.
Contributors: Not available.
Newspaper title: The Birmingham Post (England).
Publication date: April 8, 2003.
Page number: 22.
© 2009 Birmingham Post & Mail Ltd.
COPYRIGHT 2003 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.
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