PSF sector continues to rise

Press releases

Talent recruitment within PSF sector continues to rise

Press release

10 December 2019

The 10th edition of Deloitte Luxembourg’s annual whitepaper, ‘Outlook and future of a sector in remodeling’, provides detailed analysis of the Professionals of the Financial Sector (PSF) and presents the key developments and trends in the midst of an ever-evolving environment.

Luxembourg, 10 December 2019: Deloitte Luxembourg’s latest analysis of the PSF market shows continued investment in recruitment with around 17,000 professionals employed in the sector as of June 2019. The future looks bright for the PSF industry and its talent even though the number of companies has reduced, in an environment that sees ongoing regulatory evolution.

In recent years, PSFs have needed to adapt to a number of regulatory changes, as well as continuously develop and improve their technology in order to remain competitive. To comply with new requirements and stay ahead of the curve, many players in the industry have had to reimagine their service offerings and their business delivery model. This report presents the scope of the industry in Luxembourg and gives a clear view of the different types of PSF, how they have evolved, and their integral positioning in the Luxembourg marketplace.

Luxembourg continues to reassert itself as a leader in the global financial sector, and its reputation for quality services among clients is built on the expertise of the PSF sector. In a constantly evolving regulatory and technological environment, it is important for PSFs to concentrate on their core business and to adapt to the needs and changes of tomorrow,” explains Raphaël Charlier, Audit Partner and PSF Leader at Deloitte Luxembourg. “In spite of these challenges, the continued investment in recruitment and retention of talent within the industry only serves to highlight the strength and growth of the market.”

The PSF: a consistent and steady employer
With around 17,000 sector employees noted as of 30 June 2019, a new record in the number of PSF jobs here in Luxembourg has been reached. They account for 35 percent of the total number of employees working within Luxembourg’s financial sector.
“The sector has employed more than 15,000 professionals over the past few years, and this number has only increased to reach over 17,000 in June 2019,” comments Adil Sebbar, Audit Director at Deloitte Luxembourg. “In light of this increase in employment, the PSF market displays definite robustness.”

These figures support the statement that PSF employment figures were relatively stable in 2018, with a slight increase compared to the previous year of 3.7 percent. However, specialized PSF particularly stands out, with the net creation of 472 jobs over 2018 (+12 percent), compared to +1 percent in 2017. While support PSF saw their employment figures increase by 3 percent during 2018 with a net creation of 275 jobs, investment firms saw a decrease (-7 percent), with a loss of 156 jobs within the year.

The sum of the balance sheets of all PSF amounted to €9 billion for 2018, compared to €8 billion as at 31 December 2017, i.e. an increase of 7 percent in one year. According to data issued by the Commission de Surveillance du Secteur Financier (CSSF), as at 31 July 2019, PSF overall have a provisional net profit of €352 million (specialized PSF accounting for €241 million), indicating a positive trend in the PSF sector.

Annual forum dedicated to PSFs
The whitepaper ‘Outlook and future of a sector in remodeling’ was presented at Deloitte’s 10th annual conference dedicated to the PSF sector, which was held at Deloitte’s premises on Tuesday 10 December 2019, bringing together more than 130 participants. Incorporating the latest PSF figures along with detailed explanations, this report analyzes recent developments in the PSF sector and provides some insight into the factors driving change within this industry. It also features interviews with key players in the marketplace and articles by industry experts.

The full version of the whitepaper is available in English at: www.deloitte.com/lu/psf

Press Contact

Deloitte Luxembourg - Marketing & Communications

lupress@deloitte.lu

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms, and their related entities. DTTL (also referred to as "Deloitte Global") and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.

Deloitte is a leading global provider of audit & assurance, consulting, financial advisory, risk advisory, tax and related services. Our network of member firms in more than 150 countries serves four out of five Fortune Global 500® companies. Learn how Deloitte's approximately 286,000 people make an impact that matters at www.deloitte.com.

About Deloitte in Luxembourg

In Luxembourg, Deloitte consists of more than 100 partners and over 2,300 employees and is amongst the leading professional service providers on the market. For over 65 years, Deloitte has delivered high added-value services to national and international clients. Our multidisciplinary teams consist of specialists from different sectors and guarantee harmonized quality services to our clients in their field. Deloitte General Services, société à responsabilité limitée, is an affiliate of the Luxembourg member firm of Deloitte Touche Tohmatsu Limited, one of the world’s leading networks of professional services firms.

Did you find this useful?