Press releases

PSF sector still buoyant in the face of adversity

Press Release

8 February 2022

Deloitte Luxembourg’s 12th annual analysis, “The outlook and future of a sector adapting to the change”, offers a deep dive into the latest developments and trends of the dynamic Professionals of the Financial Sector (PSF) field.

Luxembourg, 8 February 2022: On Tuesday, 8 February, Deloitte Luxembourg unveiled its annual analysis of the PSF market, demonstrating the sector’s continued resilience and recovery. Despite a slight dip in the number of entities, staffing numbers rebounded to near pre-COVID levels, with 16,500 professionals in June 2021.

The two reports find that the COVID-19 crisis delivered as many opportunities as it did challenges, ranging from talent management to sustainability, new ways of working and digitalization. The reports feature valuable insights into the major trends and regulations shaping the PSF market, including the European Commission’s draft Digital Operational Resilience Act (DORA), which could help firms optimize costs and simplify reporting.

According to our analysis, the Luxembourg financial center has continued to anticipate tomorrow’s needs and adapt to changes, reaffirming its leading position in the global financial sector. While the market was not immune to turbulence from the COVID-19 crisis, Luxembourg PSF have rolled with the punches, successfully implementing measures recommended by the CSSF to focus on their core business”, explains Adil Sebbar, Audit Director at Deloitte Luxembourg.

Evolution of PSF balance sheets and net aggregate results

The total PSF balance sheet amounted to EUR8.6 billion as at 31 December 2020, a slight decrease of 2.2% compared with 31 December 2019. The net result for 2020 dropped by 48% to EUR233 million compared with 2019, as the sector absorbed the shocks of the COVID-19 crisis.

However, the PSF market rallied and is now experiencing a bright post-COVID dawn. The total balance sheet bounced back to EUR9.4 billion as at 31 August 2021, representing a healthy 12%. Similarly, according to CSSF data as at 30 November 2021, PSF enjoyed a provisional net profit of EUR254 million for 11 months of activities in 2021, compared with EUR223 million as at 30 November 2020.

While COVID-19 has affected PSF activities across the board, the sector has reacted with agility. Despite lower results overall it continues to rebound, evidenced by the growing number of employed people. We remain convinced of the myriad of opportunities for PSF, including a new focus on ESG for asset managers, increasing PERE activities for specialized PSF, and enhanced digitalization for support PSF,” noted Raphaël Charlier, PSF Leader at Deloitte Luxembourg.

The recent PSF reports were presented at the annual PSF Conference on Tuesday, 8 February 2022. On Thursday, 10 February 2022, Deloitte Luxembourg is hosting a dedicated virtual panel discussion on the evolution, challenges, and opportunities of PSF in Luxembourg. Interested parties can reach out to the Deloitte Luxembourg Events team to register at luevents[at]

The full versions of the whitepapers are available in English at the Deloitte Luxembourg website:

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see to learn more.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s more than 345,000 people worldwide make an impact that matters at

About Deloitte in Luxembourg

In Luxembourg, Deloitte consists of 2,300 employees with more than 130 partners. For over 70 years, Deloitte Luxembourg has delivered high added-value offerings to national and international clients as one of the world’s prominent networks of professional services firms.

Did you find this useful?