For professionals on Wall Street, the June jobs number confirmed what many already knew: The financial services segment of the U.S. economy lost jobs last month. Some observers say the pace of jobs lost on Wall Street could exceed all other previous downturns faced by banks and brokerages since World War II.

The U.S. Labor Department said payroll employment fell by 62,000 and the jobless rate was unchanged at 5.5%. Within financial services, 10,000 jobs were lost.

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