Well here we are again… 2011 is the year of the never ending recession. Wall Street talent is under fire yet again. Multiple sources forecasting that employment will drop to a level not seen since the tech bubble burst in 2001. Wall street is facing job cuts around of 50,000 which is not atypical given the cyclical nature of the business, but the unique wrinkle this year is that the jobs are not expected to return. The street is trimming the fat for good. The reason I bring this up is that amidst yet another job fallout in Wall Street, the bustling city across the pond actually added 11,000 financial sector jobs.
Limey London is the next best (and closest) option for financial services jobs lost in the NYC trimming that is taking place. Funny enough, I know this first hand as my residence in the city was caused by a post-recession employment crater left in the wake of the credit crisis that peaked in late 2008. Wall Street and Technology has an interesting article on the situation that explains the short term gain in London city jobs is expected to be reduced over the next several years even though they have experienced a recent hiring surge.
So is The City of London the new Wall Street? Highly unlikely in this current economic environment. The waves don’t hit the same part of the beach at the same time, but you can be assured that you will get splashed sooner or later. Bottom line is that if you have a job in finance, it is best not to be the guy (or girl) that calls out “ill” every other Friday.
(via Wall Street & Technology)