Sentiment among managers in the UK’s hard-hit financial services industry is picking up. According to a new survey of companies in the sector, PricewaterhouseCoopers and the Confederation of British Industry found that, with the exception of building societies, financial firms expect business volumes to improve this quarter versus the previous three months. (The chart shows the share of respondents that expect volumes to rise less those that expect a decline.)

Although business may be picking up, jobs are not. Ian McCafferty, chief economic advisor at the CBI, told reporters at the survey’s launch that the country’s financial services industry will shed 17,000 jobs in the first six months of this year. This is in addition to some 116,000 jobs lost since the start of the financial crisis. According to the CBI, around 1m people are employed by the financial services industry in the UK. Despite improving business conditions, this could become a more exclusive club in the future.