Since the onset of the credit crisis in August 2007, the financial services industry has lost 325,000 jobs around the world, according to the International Labor Organization.
With 40% of those jobs lost since this past October, the acceleration of job cuts is troubling, the group said.
These figures almost certainly understate the real situation in a sector which has been at the epicenter of the financial and economic crisis, said Elizabeth Tinoco, chief of the International Labor Organizations sectoral activities branch. As the global economy sinks further into recession, and financial institutions assets experience even greater impairment, the industrys job losses can be expected to rise even faster.
The worst hit has been the banking industry, following by insurance and then asset management.