The vast majority of 45 financial services CFOs and senior comptrollers say the current recession will continue at least through 2009.

According to the national survey conducted by Chicago based consulting firm Grant Thornton LLP, an equally high percentage 74 percent said that employee benefits are the businesses cost which most concern them. Other pricing pressures are being driven by energy and insurance.

Another question directed at cost cutting, where multiple choices could be marked, found that not giving raises is being done by 58% of respondents while refining processes and streamlining is being done by 56%.

Other measures included cutting back on recruiting and hiring and not giving bonuses. Reducing 401(k) matches was only being considered by 24% of CFOs surveyed.

On the issue of staffing changes, only 28% said they expected to trim staff while 46 percent, the majority, expect to remain the same.

The survey was conducted from March 23rd to April 4. It is the fifth year for the survey.

(Sourced from bizjournals.com)