CITY firms are more confident than at any time for the past four years thanks to the stock market recovery and improved economic outlook, a survey showed today, writes Jane Padgham.
The poll of financial services firms by the CBI and PricewaterhouseCoopers also found that business grew in the third quarter at the fastest pace since last summer and there are signs the City’s savage jobs cull may finally have ended.
A net 37% of firms said they were more optimistic than three months ago against only 8% in the previous survey.
Business volumes rose sharply in every financial services sector, apart from insurance broking. General insurers, securities traders and banks fared particularly well.
Meanwhile, a report from the Recruitment and Employment Confederation and Deloitte Touche showed permanent staff placements and temporary staff billings in September rose at the fastest since February 2001. An increase in newspaper recruitment advertising for the second month in a row also signalled rising demand for staff.
Mystery Man U seller revealed
THE hedge fund with a 6% stake in Manchester United, and seen as a potential kingmaker in any bid war for the Premiership champions, was unveiled today as the seller of a lot of shares on Friday night.
Lansdowne Partners, run by ex-Merrill Lynch star fund manager Stuart Roden, said today it sold nearly 2.2 million shares, taking its stake down to 5.1%.
Traders believe the buyer could be another major shareholder, US sports tycoon Malcolm Glazer.
