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Wall Street Jobs a Dying Breed
May 7, 2012
[ by Melanie Gretchen ]
Wall Street firms continue to target industry jobs as they seek to lighten their fixed costs. During the first quarter of 2012, another 4,400 jobs were lost, marking the third consecutive quarterly decline. According to trade group SIFMA, we should anticipate more of the same going "forward."
The Securities Industry. Firms now employ 800,100 brokers, traders and investment bankers across the U.S., according to the trade group. "[The drop in jobs] came after the very disappointing industry results in the previous quarter, when broker-dealers posted a [combined] quarterly loss of $67.6 million." The tri-state area of Connecticut, New Jersey, and New York suffered the greatest loss - 900 securities-industry jobs during the quarter. The New York City region alone represents 33% of all securities positions in the U.S.
Next on the Chopping Block. There's no end on the horizon: earlier this month, Bank of America said it planned to cut 2,000 positions in investment banking, commercial banking, and non-U.S. wealth-management units. Across the pond, Credit Suisse plans to at least 3,500 jobs, after it reported a 96% decline in first-quarter profit.
[TheStreet, 5/4/12]

