The majority of chief executives at global financial institutions do not believe there will be a wider economic recovery for at least another two years, according to a new report published a day after the UK became the latest country to edge out of recession.

Management consultancy Oliver Wyman polled 70 chief executives at large financial services institutions for a report on their industry in 2010. The group, which will present the findings at the World Economic Forum in Davos today, found that 60% of respondents believed there would be no significant recovery until 2012.