In thinking about the massive layoffs set to ripple through U.S. financial markets, not to mention the layoffs we’ve already seen, I went back and checked the latest securities industry employment data. Here it is, monthly back to 2000, followed by annual back to 1992.
Any bets on how long it takes to get back to current (peak) levels?
On a related note, Oppenheimer analyst Meredith Whitney recently pointed out in a note that i-banking revenue was down 63% in the first half of 2008, while expenses (most of which is compensation) was cut by just 10% during that period. In other words, we are set for a tsunami of exits.