Financial services firms must diversify if they are to survive as the economy worsens, according to one expert.
Speaking to the Financial Times, Sir Michael Snyder, senior partner at accountancy firm Kingston Smith, explained that finding new ways of doing business will be vital to companies in the current tough environment.
"There is lots of opportunity and the sector is really up for grabbing that. We have to innovate because we haven't got a God-given right to exist," he said.
Sir Michael, who is joint chair of the Professional Services Global Competitiveness Group, also urged British firms to look for chances to collaborate with overseas companies as this would allow them to access new markets, something which could be vital to their future.
Last month, Jim Quigley, chief executive officer of Deloitte Touche Tohmatsu, urged governments across the world to avoid protectionist policies, pointing out that this would only hinder businesses and damage economies further.
