The men and women who frequently call the shots on how to
spend corporate cash – chief investment officers – are becoming sharply more
upbeat on expansion and growth, a survey finds.

A survey which gauged the views of 116 chief financial
officers, including FTSE 100 companies and FTSE 250 companies, shows that
optimism is close to a three-year high, according to Deloitte.

For the first time since 2011 expansion is a higher priority
for CFOs than cutting costs and building up cash, it found. Some 29 per cent of
CFOs said that reducing costs is a strong priority for their business, with 35
per cent saying the same about increasing cash flow, down from a peak of 49 per
cent in the fourth quarter of 2012.

A spokesperson for Deloitte was unable to confirm whether any
specific UK-listed banks were involved in the report, although a number are
listed on the London Stock Exchange, such as Lloyds Banking Group, HSBC, Royal
Bank of Scotland,
Barclays and Standard Chartered. Even so, the findings may suggest that even
banks, which have seen their fortunes hit hard by the 2008 market crash, might
be turning a corner.

The report said 40 per cent of CFOs say that introducing new
products and services or expanding into new markets is a strong priority while
expectations for hiring, capital expenditure and discretionary spending in the
coming 12 months are also at a three-year high. Some 54 per cent of CFOs said
that now is a good time to take risk on their balance sheets, up from 45 per
cent in Q2 and the highest level recorded in six years.