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2023 saw a continuation of the volatility that characterised the financial services operating environment globally since 2022. Central banks’ responses to soaring inflation were rapid and while interest rate increases have stabilised and signs show a likely decrease in inflation, risks remain elevated for financial firms. In response to a tightening macro environment, financial services firms have slowed global expansion, reduced costs, and consolidated operations.
Luxembourg was not immune to this market volatility, however given the strength and stability of the ecosystem, the country’s resilience during times of turbulence is clear. Employment figures for the financial services industry confirm this view, with consecutive growth of approximately 1.5% in 2022 and...
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