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发帖数: 4704 | 1 Investment Banking, Securities Dealing Job Count Drops Again In NY
By Brett Philbin Of DOW JONES NEWSWIRES
NEW YORK -- The number of professionals in the investment banking and
securities dealing sector plunged by more than one-fifth in both New York
City and New York state in September from a year ago, in a sign of the tough
times experienced by Wall Street firms.
Headcount in the category fell by 23% in New York City to 32,300 and dropped
by 25% to 33,500 in New York State -- the lowest totals for each region
since the New York State Department of Labor began breaking out the industry
data in 2003.
The state of New York reported 485,000 professionals in finance and
insurance, down 1% from 490,000 a year ago. Employment on Wall Street, which
is classified as "securities, commodities contracts and other financial
investments and related activities" in New York City, dropped to 160,200,
off 1.7% from a year earlier.
While the broad financial activities category -- which the Labor Department
groups with real estate -- didn't come close to reaching the 33,000 job
losses in the government sector, those who work in investment banking and
securities are feeling the pain of a slowdown in client activity and trading
that began late last spring.
Richard Lipstein, a managing director in the New York office of Boyden
Global Executive Search, said he feels the lower employment likely reflects
support staff cuts.
"I can't imagine it's based on [professionals] who have been in the client-
facing or revenue generating parts of the businesses," he said.
In one such example, The Wall Street Journal in August reported that
Barclays Capital, the investment-banking unit of Barclays PLC (BCS), cut
about 400 jobs, most of them in back-office positions.
Other segments within financial services are also displaying weak employment
trends. Employment in securities brokerage, which includes financial
advisers, fell by 17% in the state and 15% in the city.
The number of employees in the investment banking and securities dealing
sector in the city has fallen by at least 20% from the year-earlier period
for eight straight months, while there have been 10% year-over-year
employment declines in securities brokerage since December 2007.
Kevin Jack, a statewide labor market analyst for the New York Department of
Labor, said "all sizes of firms within particular industries are sampled" to
come up with the data.
In overall employment trends, New York state lost 15,600 private sector jobs
in September, or 0.2%, while the nonfarm job count also fell by 37,000. The
state's unemployment rate remained unchanged at 8.3%, on a seasonally
adjusted basis.
-By Brett Philbin, Dow Jones Newswires; 212-416-2173; brett.philbin@dowjones
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