Despite rising costs and worsening business sentiment, financial services organisations are still investing in technology, according to CBI and PricewaterhouseCoopers.
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The survey showed that the two-year growth in financial services stopped with a decline recorded as a result of the credit crisis last year.
The report blamed the past three months for the decline as business volumes falling at their fastest rate since March 1991.
"Yet despite all this, several sectors of the industry managed to increase their profitability over the past three months, and are still hiring and planning to invest more, particularly in IT," said the report.