FInancial services hiring slows as consumer demand weakens

This marks the second consecutive quarter of declining confidence.

Financial services executives are growing more pessimistic about their workforce outlook, according to a new McKinsey survey.

In June, only 30% say they plan to increase hiring in the next six months, a slight drop from 32% in March.

This marks the second consecutive quarter of declining confidence.

This comes as financial services firms that expect consumer demand for their products or services to increase in the next six months dip to 45% this June from 48% in March.

Meanwhile, the share of respondents anticipating a profit increase ticked up to 62%, compared to 60% earlier this year.

"Executives’ expectations for their companies’ growth over the next six months are largely the same as last quarter. There is more pessimism in service-driven industries than in other industries, whilst respondents working in advanced industries such as aerospace, automotive, and semiconductors are the most optimistic about their companies’ prospects," McKinsey said.