BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Investments - Private
- Features/Scandals
- Companies
- Technology/Internet
- Rules & Regulations
- Crimes
- Investments
- Bad Advisors
- Boiler Rooms
- Hirings/Transitions
- Terminations/Cost Cutting
- Regulators
- Wall Street News
- General News
- Donald Trump & Co.
- Lawsuits/Arbitrations
- Regulatory Sanctions
- Big Banks
- People
TRENDING TAGS
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
ABOUT FINANCIALISH
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
SUBSCRIBE FOR
NEWSLETTERS & ALERTS
FOLLOW US
Wall Street Bullish on Jobs
March 13, 2012
[ by Melanie Gretchen ]
Wall Street is enjoying a surge in employment, the New York Department of Labor said last week, defying expectations of job losses in the securities industry. Rather, 4,900 workers were hired from January 2011 to January 2012, one of the most surprising findings in the annual revisions to New York City's unemployment data, James Brown, a market analyst with the DOL, said.
The Year of the Layoff. Amid thousands of layoffs by profit-hit banks and brokerages announced, it is not indicated in the data whether those layoffs never happened or whether banks simply hired more staff than they fired. To date, in January, Wall Street hired 600 worker, bringing its total workforce to 171,300 employees, according to the DOL.
Also included in the report is the increase in 2011's annual average employment in the city's private sector by 43,800 positions, a 1.4% increase. Overall, the financial sector, including banks and insurance, hired 7,800 people from January 2011 to January 2012, to bring its payroll to a total of 440,600.
"New York City added private sector jobs at a rate almost 60% greater than the country as a whole in 2011," Mayor Michael Bloomberg said in a statement. Similarly, the DOL reported that as of December 2011, the state had recouped 76% of the private sector jobs lost in the 2008-09 recession.
Not Out of the Fire. Mr. Brown cautioned against the city's pre-recession unemployment rate, noting the city's pre-recession unemployment rate hovered around 4% to 4.5% - about half the latest rate. The state's unemployment rate rose a tenth of a percentage point to 8.3% in January from a year earlier, while New York City's jobless rate rose fourth-tenths of a percentage point to 9% over the same time.
For further details, go to [Reuters, 3/8/12].
Related Stories: Archive
-
Legal Funding Firm Accused of Scamming 9/11 Heroes, NFL Retirees
February 8, 2017 -
Elizabeth Warren, Wall Street Pariah, Now Has Lost Her Left-Wing Following
January 19, 2017 -
What We Know and Don’t Know About the Trump-Russia Dossier
January 11, 2017