Thread: 10,000 finance jobs to vanish from Wall Street

You reap what you sew.. I guess when there is no money to milk from the poor you have to milk your employees instead.

The comptroller's report said that "job losses are likely to continue given declines in profitability and recent layoff announcements," projecting that Wall Street job cuts could total 32,000 for the period from January 2008 to the end of next year.

10,000 finance jobs expected to vanish from Wall Street - Oct. 11, 2011

Seems the Millionaire Boys club may have to be renamed Wall Street Unemployment club.

Hopefully there will be enough money leftover from the next bailout to cover that.

most of those are probably low level, low paying positions

Originally Posted by AmateurFlix

most of those are probably low level, low paying positions

Agreed

After adding 9,900 jobs between January 2010 and April 2011, the securities industry shed 4,100 positions through August and may lose another 10,000 by the end of 2012, DiNapoli said. Each job gained or lost in the industry creates or eliminates three other jobs in New York City and state, he said.

In 2010, the average salary in the securities industry rose 16.1 percent to $361,330, 5.5 times higher than the average private-industry salary, DiNapoli said. The industry accounted for 23.5 percent of all wages paid by businesses while making up 5.3 percent of jobs.

Wall Street contributed about 7 percent of city tax revenue in fiscal 2011, almost half of the prerecession level of 13 percent, according to DiNapoli. The comptroller said one in eight jobs in the city, and one in 13 in the state, is associated with Wall Street.

DiNapoli Expects Smaller Wall Street Bonuses, More Job Cuts

I wonder what the average pay is of those who've been hired & fired repeatedly.

It was interesting to hear some of the stories from those who were unemployed within the financial industry in late 2008 and 2009. It's easy to forget that eventually these economic conditions can hit just about every field, not just the "late 16th century basket weavers".

Interesting photo.
Classic photo of a distress sale -- Great Depression $100 will buy this car | Flickr - Photo Sharing!