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Industry Spotlight > Broker Dealers

Securities Jobs Finally Take a Hit

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The overall financial services sector made headline news with jobs falling by 14,000 for two months in a row (August and September), mainly as a result of the much-publicized weakness in the mortgage industry. And hiring in securities industry finally succumbed to the pressure from the sub-prime mortgage business with the weakness affecting some of the biggest names on the street, says Jeff Testerman of Consequently, an employment “winning streak” going back to March was broken last month, he says.

“In spite of this, we still remain at the highest level ever in history, remaining above the March 2001 peak by some 5,000 jobs,” Testerman explains.