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Bankers Cheerful
Financial services daily American Banker and online researchers InsightExpress have published the first results from their quarterly survey of senior banking and financial services professionals. The results show that bankers in the US are bullish about hiring and spending for 2005, despite worries about fraud and privacy issues.
Results from The Financial Services Executive Forum, published in the Oct. 8 issue of American Banker, offer readers 'a meaningful way to gauge high-level executive sentiment in one of the world's key sectors', according to the publication's Editor in Chief David Longobardi.
The survey panel consists of more than 500 of the most senior executives at large and small US financial institutions, including chairmen, chief executives, managing directors, and other top officials. The survey combines a core set of tracking questions with coverage of the latest banking and financial services issues and business trends.
Respondents are bullish on spending and hiring for 2005: 48% said they plan to increase hiring in 2005 while only 7% said they foresaw staff reductions. Just over half expect technology spending to increase by 6% or more over the next six months.
A slight plurality (48%) disagreed with the premise that after three years of financial industry scandals and prosecutions, the financial services industry faces a crisis of trust among consumers. However, a substantial 38% do think this to be the case, with 14% unsure.
Execs from large and small firms agreed that fraud and privacy issues are the biggest risk management concern at present, but disagreed over the second biggest. Those from large companies cited disaster recovery and the Basel II Capital rules, while those from smaller firms said rising interest rates.
Insight Express is on the web at www.insightexpress.com . American Banker, www.americanbanker.com, is published by Thomson Media, a division of The Thomson Corporation.
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