Financial firms see no growth until 2010 - E&Y

* 32 pct of respondents see no growth until after H1 2010

* 40 pct say will sell non-core units

LONDON, July 6 (Reuters) - Most global financial services companies do not expect to return to growth until the first half of 2010 at the earliest, a survey by accountants Ernst & Young (E&Y) has found.

Thirty-four percent of firms polled believe they will start growing again during the first six months of next year, with 32 percent saying expansion will not resume until later.

The remaining respondents said they expect some growth in 2009, E&Y said.

"The end of the recession and a return to profitability is a tough one for any industry to call," said Tom McGrath, a managing partner of E&Y's financial services business.

"But financial services are naturally more cautious -- and possibly more realistic -- about when the return to profitability might happen."

Last week, a survey by the Confederation of British Industry and auditors PricewaterhouseCoopers showed the UK's financial services sector is more optimistic than at any time in the last two years, although banking sentiment remains gloomy. [ID:nLS456761].

Sixty-one percent of respondents to the E&Y survey said they had increased their cost-cutting efforts in the past six months, while 40 percent said they planned to sell non-core or underperforming units. (Reporting by Myles Neligan; Editing by Andrew Macdonald)