Financial services companies have added some 2,000 jobs since layoffs peaked in February of this year, The New York Times reports. And while it may seem as if Wall Street jobs took the biggest hit in the recession, the industry has actually been pretty resilient. Since June 2008, jobs in financial services have dropped by 8.5%. By comparison, construction jobs decreased by 22%, and manufacturing employment fell 14%.
In New York City, employment in the securities industry was 160,400 in May, according to analysis of state comptroller data. The peak was 188,900 in January 2008. That represents a reduction of 15%.
There are many bright signs for the financial services industry, not least of which is the record $61.4 billion in profits the New York Stock Exchange rang up in 2009.
Morgan Stanley recently hired a total of 500 people, as well: 100 U.S. private bankers, 100 traders and 300 people in sales - with plans to bring an additional 400 employees on board.