Securities Industry Sheds More Jobs
NEW YORK (
) -- The U.S. securities industry lost more jobs last quarter, but the financial hub of New York, New Jersey, and Connecticut continued to see job gains, according to the
Securities Industry and Financial Markets Association's
latest report.
U.S. securities industry employment fell by 3,500 jobs, or 0.8%, to 793,800 in the September-ending quarter vs. overall employment declines of 0.6%, the SIFMA report notes. In comparison, securities industry jobs rose by 1.3% in the second quarter, but fell by 1.6% in the year-earlier quarter.
Securities jobs in the tri-state area posted a 3% sequential increase last quarter, according to the report, which cites U.S. Department of Labor statistics.
The increase is somewhat smaller than the 0.8% increase in the second quarter, but better than the 1.9% loss in the third quarter of 2009, SIFMA says.
In New York state specifically, the securities industry gained 1,000 jobs during the quarter to total 177,300 -- 600 of which were in New York City, SIFMA notes. Similar to broader industry hiring trends, the number represents a slight slowdown from the second quarter but a vast improvement from the year-earlier period in which 2% of jobs were lost in the state.
Still employment on Wall Street remains 1.7% below where it was a year earlier, leading to a "significant impact" on New York City and New York State economy, SIFMA says.
Now that the Dodd-Frank Wall Street Reform and Consumer Protection Act is passed, SIFMA believes it will free up some firms to make hiring decisions that they "could not make while the legislation was still under debate."
Morgan Stanley
(MS) - Get Report
said in late September that it was planning a
.
Meanwhile
Jefferies
(JEF) - Get Report
reportedly completed a $500 million bond sale on Tuesday that will fund future expansion,
Bloomberg
said.
Jefferies increased its headcount by 31% in less than two years and is still "selectively" hiring to build business ahead of an economic recovery, Jefferies CEO Richard Handler told Bloomberg.
Handler told
Bloomberg
: "The hiring is a long-term strategic initiative. You can't just turn off the hiring" if markets slow, particularly since competition for talent is intensifying.
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Laurie Kulikowski
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