460,000 Jobs Lost, But Don’t Believe the Hype

The Business Journals recently wrote a story on the United States financial sector, which it claims lost nearly 460,000 jobs over the past four years.

These jobs — 459,400, to be exact — were eliminated from the nation’s top 100 metropolitan areas. According to The Business Journals, twelve of those areas were hit with layoffs that exceeded 10,000 jobs.

This inspired some publications to lead with headlines like this: “Wall Street Shrinks As Financial Sector Layoffs Near 500,000 Since 2008: Report.”

Great headline, no? Unfortunately, it disregards the progress that has been made while ignoring the fact that the financial sector is hiring and that Wall Street remains a dream destination for many college students.

Did Wall Street shrink over the last four years? Yes. And guess what: every industry did. You can’t find one business that has completely evaded the financial crisis. From the food and restaurant industries to automobiles and electronics, the past four years have been some of the most difficult that American corporations have been forced to endure.

And yet it’s Wall Street that continues to persevere. It’s Wall Street that thrives in the face of disaster while rising above a series of obstacles that would have killed off any other industry.

You could say that the financial sector is the most durable of all industries. It is with the spirit of that durability — and our desire to help others within the financial community — that we created our financial career matchmaking site, StreetID. We built StreetID from the ground up to accommodate Wall Street’s growing community of financial professionals. In good times and in bad, current job seekers and those looking to move on in the future can turn to StreetID and sign up for a free account and make a direct connection with relevant candidates and employers.

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