First we celebrated job-loss October.
Then get-me-out-of-here November.
After that, we endured why-am-I-still-here December.
And now it seems that we are in the midst of flip-flop January. (Frankly I would have liked “flip-flop February” better, but it’s not as if you can pick these kinds of things. They just materialize out of nowhere.)
Flip-flop January comes to us with a never-ending list of good and bad news. Just when we start to think that the financial community is beginning to recover, a new report surfaces, reminding us that we are still battling the aftermath of a very deep and tenacious Wall Street crisis.
Now for the really awesome news: Reuters is reporting that Wall Street shed another 2,000 jobs in December!
Reuters got its info from a labor market analyst with the New York Department of Labor, so you can bet it’s pretty darn accurate.
“Because banks and brokerages have announced tens of thousands of layoffs around the globe, but not identified where the layoffs would occur, this trend might continue in New York City because it is a global financial center,” Reuters reported.
In addition to the loss of jobs, Wall Street’s shrinking workforce is expected to compress New York City’s tax revenue because “Wall Street is the wellspring of its economy,” Reuters said.
But wait – it gets worse. Reuters said that the “bigger, overall” financial sector laid off a whopping 3,400 people in December! In the past, the financial sector was actually known for hiring 2,000 people during the 12th month of the year.
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