New Deloitte report confirms stabilization of the number of Professionals of the Financial sector (PSF) following a challenging Covid period, while showing path of resilience. The study was presented at Deloitte Luxembourg’s annual PSF conference in Cloche d’Or on Tuesday.
Luxembourg, 6 December 2022: On Tuesday, 6 December, Deloitte Luxembourg presented its 13th annual PSF report, demonstrating yet again the sector’s continued resilience and recovery since the beginning of the pandemic. The study, “Outlook and future of a sector seizing opportunities,” provides deep insights into the dynamic field of PSF, highlighting key figures, trends and opportunities.
For the second year in a row, the PSF market shows signs of continued recovery with a consolidated net result that increased by 26% and employee headcounts continuing to grow, surpassing pre-pandemic levels with 17,320 professionals in September 2022, compared to 16,878 by the end of 2019.
“Since the first registration of a PSF in Luxembourg, we have been monitoring the development of the sector and observe its steadfast and robust strength despite adversity. This year’s results show a continuation of the trends identified last year with an ongoing concentration in the market with slightly fewer actors but an increase in workforce. It clearly shows the sector still has an important role to play in Luxembourg while constantly – and successfully – adapting to change,” says Raphaël Charlier, Partner and PSF leader at Deloitte Luxembourg.
Key findings of the 2022 report include:
“Similar forces are at play for the concentration that we have already seen last year. They include digitalization trends, delivery model optimization, costs of new regulations, or increased appetite by private equity investors willing to invest and increase their market footprint. However, it is worth noting that, for the first time in the past five years, the number of PSF has stabilized compared to the previous year,” explains Adil Sebbar, Audit Director at Deloitte Luxembourg.
The 2022 report confirms a positive outlook for the sector, with a variety of opportunities to explore but also challenges to overcome. Both range from talent management to sustainability, new ways of working and digitalization. True to tradition, the report sheds light on major trends and regulations forming the PSF market, including ESG, the EU’s Digital Operational Resilience Act (DORA) and tax regulations.
The full version of the new PSF report is available at the Deloitte Luxembourg website: www.deloitte.com/lu/psf-outlook.
Press Contact
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 www.deloitte.com/about 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 457,000 people worldwide make an impact that matters at www.deloitte.com.
No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.
In Luxembourg, Deloitte consists of 2,700 employees with more than 150 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.
Press Contact
Deloitte Luxembourg – Brand & Content
lupress@deloitte.lu