Credit crunch hits financials

According to the latest CBI/ PricewaterhouseCoopers Financial Services survey, the sector enjoyed unexpectedly good business in the three months to September. But in the wake of the credit crunch, the survey predicts business volumes, income and profitability will all fall over the coming three months. The survey also shows while business sentiment has fallen and the sector expects a tougher quarter, firms still plan to take on more staff, while training, and IT investment are also holding up.