Financial Sector Employment

posted in: Financials, Unemployment | 0

Bank of America announced that it would cut 16,000 more jobs today in order to continue to cut costs amid a weak environment for financial services businesses.  The announcement adds to the continued attrition of financial sector jobs: since 2006, the financial sector has lost a total of 600k jobs.

Below is a long term chart of US employment in the financial sector.  As a percentage of total workforce, financial services actually peaked in 1986 at 6.27%.

Financial Services Jobs