British financial firms are planning to hire thousands of employees in the first quarter of 2014 primarily due to rise in business and the modest outlook for over 20 years, according to the latest survey by the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC).
The survey, which covered 87 banks, asset managers and insurers, was conducted in late November and early December 2013.
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The quarterly survey found that employment grew at its fastest pace since 2007 and expected employment growth for the first quarter of 2014 is the strongest since the survey began.
As per the survey data, financial firms in the UK employed an extra 10,000 people in the fourth quarter of last year and expect to add another 15,000 in early 2014.
CBI competitive markets director Matthew Fell said that financial services firms are now less worried by levels of demand and regulation and are instead concerned about a skills crunch, their systems capacity and stronger competition.
"As the recovery takes root in the wider economy, it is beginning to feed through to financial services firms," Fell added.
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By GlobalDataPwC UK financial services leader Kevin Burrowes said that the survey suggests that the sector is also beginning to get to grips with its regulatory agenda.
"Regulation is seen as a lesser obstacle to growth than before, and regulatory spending is growing more slowly," Burrowes added.
