If employees in the financial services industry thought layoffs the past few years were tough, it was just a warm-up for what is to come, according to a recent study.
Recent Bureau of Labor statistics indicate the securities industry lost approximately 80,400 jobs nationally in the past 22 months. A report by the Securities Industry Association states "peak employment reached 786,100 in April 2001, as compared with February's preliminary number of 705,700. Using the new North American Industry Classification System, New York State and City have lost 18% and 19%, respectively, of total industry jobs since the December 2000 peak." The SIA report stated that the number of layoffs set a new record, overshadowing the period following the 1987 stock market crash.