It seems that there is some relief for the global firms after the scar of subprime crisis tumbled the world economy into shackles in 2008.  As per CBI/PwC Financial Services Survey, a considerable growth in the financial activity has been observed in the least three months till March as compared to the slow paced growth identified in 2007.

Out of the total firms being surveyed, almost 22% acknowledged the fact that economic recovery is seen in their balance sheets contrary to the expected figure of 15%. Meanwhile, a major 30% firms are positive about their future growth in the next quarter.

Though business volume in private business groups was at extreme higher end, moderate growth was reported in other sectors like in industrial & commercial companies, financial institutions and overseas customers.

However, many financial firms caught the attention of analysts as they are incurring huge losses amid the financial constraints imposed by the US Fed and even European Commission (EC).

Nevertheless, the annual results are appreciated by the financial expert’s since the downfall in 2007, Andrew Gray, PwC's Head of UK banking, believes that there are many challenges ahead.

With the spurt in operating cost across the banking sector, analysts believe that there is no easy way out for the banking sector across the world.