The number of professionals working in investment banking and securities dealing in New York City fell 17% in November from a year earlier, and fell 21.5% in New York state, according to the New York State Department of Labor.
Total Wall Street employment, which includes investment banking and securities dealing, climbed a slight 0.2% to 162,200 from 161,900 a year earlier. The industry did post its highest total employment level since December 2009, when Wall Street employment totaled 162,900.
Banks have generally experienced tough times since the spring due to declining trading volumes and muted client activity. This week, analysts began cutting estimates on Goldman Sachs Group Inc. and Morgan Stanley to reflect lower-than-expected trading activity in fixed income, currencies and commodities.
Headcounts in areas such as investment banking and trading typically drop at the end of the year as financial institutions lay off lower-performing professionals and plan for annual compensation payouts. Some firms, including Morgan Stanley, have instituted hiring freezes, with the investment bank recently telling executives to budget for 10% to 25% less for bonuses this year.
.
I wonder if you see an increase in 2nd cities like Philly, Boston, Atlanta, etc. Would be interesting to see if there is a diaspora going on .
I am interested to see this as well.
+1
NY down 20% but total in the U.S. even, means logically folks are leaving for satellite offices.
Is your picture Shia Lebouf?
Dignissimos sit et est dolore voluptates. Totam non dolor maxime facere deleniti optio numquam et. Exercitationem fugiat assumenda consequatur pariatur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...