Wall Street Securities Sector to Lose 10,000 Jobs – Guest Post
While mostly everyone who goes to work for Wall Street is looking to be a millionaire, it looks like that’s certainly not the case for all of them. The office of New York state comptroller, Thomas DiNapoli, has gone on the record saying that up to 10,000 jobs are likely to disappear on Wall Street throughout the year 2012. The overwhelming majority of these jobs are expected to be cut from the dwindling securities industry. This comes on the coattails of several other major layoff announcements in the financial sector including those of Bank of American and Goldman Sachs, all of which are considering symptoms of the pessimistic outlook on the global economy.
The seeming insolvency of the European debt crisis and domestic concerns regarding continual lack of industrial growth are contributing to the cutbacks seen in the financial sector. Experts and analysts believe that those working in securities are being hit especially hard because of the need for high levels of confidence to drive the securities game. Without assurances from the market as a whole that things are set to improve, those on Wall Street are increasingly following the general trend of downsizing by-way of immense layoffs. This only contributes to the United States’ inability to lower unemployment below 9.1%.
The scary thing is that Wall Street has been the only place where success has been seen in recent years. While millions of Americans are still unable to find work and millions more fight off debt, those working in the financial industry have continued to make millions. These people were, by the way, the ones chiefly responsible for the 2008 economic meltdown. Now that even they are timid in the face of the financial future of the world, and are subsequently downsizing, people are starting to wonder if any recovery was ever actually occurring, except of course for the portfolios of the very few top margin stock market profiteers.
Are the job losses on Wall Street and throughout the financial sector something to fret over? Yes and no. They’re a sign that things truly are a lot worse than anyone on television and especially those elected to office are willing to admit.
But if it took job losses on Wall Street for you to realize that, then you must have been living under a rock for the past several years. The gains of Wall Street in the aftermath of the calamity of 2008 have not been the result of reestablished investor confidence, but the last ditched effort by those responsible for the crisis in staving off their personal losses. It looks like they might have started to run out of gas.
It just would’ve been nice if the taxpayers weren’t the ones who filled the tank up.
Ever since Vanessa was old enough to get someone’s attention, she has been incessantly communicating and sharing her ideas with anyone and everyone who would listen to her. Apparently not much has changed over the years. If you are interested in seeing more of her writing, contact Vanessa.Burke@43a.com.