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Research by the Confederation of British Industry (CBI) also found that just under half (47 per cent) of firms have reported a fall in profitability, while 56 per cent said their business volumes dropped in the three months to March 9th.
Ian McCafferty, chief economic adviser at the CBI, said that conditions in the financial services sector remain tough and have been made harder by falling equity markets.
"Sharp drops in revenues and profitability are causing continued suffering, while business volumes remain very weak," he commented, adding: "Firms are making heavy cuts to staff numbers and investment plans to make savings and reflect weak demand."
The CBI represents the interests UK businesses and lobbys on their behalf.
