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Interim Managers cautiously optimistic financial services market will recover in 2011

Interim Managers cautiously optimistic financial services market will recover in 2011
 
6 out of 10 Interim Managers specialising in Financial Services say the sector will improve in 2011, according to new research from Interim Management Provider, Russam GMS. Just over half of Interims (51%) said the market had improved over the last six months, 26% said there has been no change and 22% believed the market was getting worse.
 
However, the Interims had mixed views on which areas would be most buoyant in 2011. 25% of Interims said Investment banking would deliver fresh opportunities, 20% said there would be work in regulatory compliance, 15% said private equity, 15% opted for risk management, 15% said insurance and 10% said retail banking.
 
The Interims were clearer about the potential market challenges in 2011 a third (33%) said that the UKs debt will hinder growth, 25% said that increased FSA regulation will prove challenging and 23% said that tight budgets and high costs (15%). Other challenges are tough global competition and a lack of customer loyalty.
 
These uncertain market conditions will impact business according to the Interims. 65% said that strategic projects will be put on hold, 20% believed that IT projects will be delayed and 15% said that marketing budgets will be cut. 68% also predicted that there will be job losses in the sector next year.  
 
Jason Atkinson, Managing Director Private Sector at Russam states, Interim Managers are cautiously optimistic about recovery in the financial sector next year, however, there is a great deal of uncertainty about the market opportunities and it appears that the road to recovery will prove bumpy. 
 
We also believe the market is recovering albeit slowly and have seen increased demand for Interim Mangers with specialist skills such as Solvency II or Basel II experience as well as change and risk management experts and we anticipate this demand will continue.  There is no doubt that next year will be challenging but we think the market will pick up slowly.

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