It seems the world of finance is still in the throes of its own great recession.
One hundred of the largest cities in the U.S. have shed a total of 459,400 finance-sector jobs in the past four years, according to an analysis of Labor Department data by The Business Journals.
New York saw the biggest drop in terms of sheer numbers, according to the Journals, losing 48,600 finance-sector jobs since 2008, a 6.14 percent drop. Los Angeles has shed 40,300 finance sector jobs in that period, an 11.39 percent decline, and Chicago lost 35,800 finance positions, an 11.24 percent drop.
While New York had the worst four years in terms of total number of jobs shed, Las Vegas saw the biggest percentage drop -- the 10,000 jobs it has shed represent a 21 percent decline since February 2008.
The Labor Department lumps a wide array of workers into the financial-services category, among them bankers, insurance agents, stockbrokers, employee-benefit counselors and real-estate agents, the report notes.
The figures paint a vivid portrait of an industry that, in spite of massive government support, is undergoing a large-scale contraction. A combination of new regulations that restrict the type of trading certain firms can engage in, a debt crisis that continues to hammer financial institutions in Europe, and a lackluster market for deal-making has led many institutions -- particularly the big banks -- to scale back globally, including in the U.S.
Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley are all getting ready to shed dozens of deal-related jobs -- including from among the ranks of its senior staff -- starting as early as next month, according to The Wall Street Journal. Last September, Bank of America announced plans to cut as many as 30,000 jobs over the next few years, in an effort to save $5 billion per year.
At the same time, Swiss banking giant Credit Suisse, which on Wednesday reported a less-than-stellar first quarter, plans to cut as many as 3,500 jobs worldwide by 2013, according to The New York Times, including several in New York.
And across the banking industry, firms have been adapting to new regulations by closing once-profitable operations. In January, Citigroup said that it would be joining a long list of top U.S. banks in closing its proprietary trading desk, shedding its workers from that department entirely.
Support HuffPost
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
At HuffPost, we believe that everyone needs high-quality journalism, but we understand that not everyone can afford to pay for expensive news subscriptions. That is why we are committed to providing deeply reported, carefully fact-checked news that is freely accessible to everyone.
Whether you come to HuffPost for updates on the 2024 presidential race, hard-hitting investigations into critical issues facing our country today, or trending stories that make you laugh, we appreciate you. The truth is, news costs money to produce, and we are proud that we have never put our stories behind an expensive paywall.
Would you join us to help keep our stories free for all? Your contribution of as little as $2 will go a long way.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you’ll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.