Hiring Declines in New York's Financial Sector as Job Losses Begin

Over the past month, there have been several forecasts that the New York financial sector may lose up to 10,000 ... by the end of 2012 and reports were released on Friday of layoffs at many major banks. We took a look at hiring demand over the past 30 days to see what it looks like now. In the last 30 days, about 3,100 total job ads were posted online within the financial services sector in the New York metro area. Of these job ads, just over 1,000 were for finance-related occupations, including Commodities and Securities Traders, Financial Analysts, Brokers, and Sales Agents of Financial Services – representing about one-third of all ads placed for the industry. This not only represents a 2% year-over-year decline in demand, but also a decline from earlier in the year when there were more than 1,600 job ads posted during April and May. This is also significantly lower than pre-recession hiring demand when there were well over 2,400 job ads in October 2007.

Hiring Demand for Finance Professionals in New York's Financial Services Sector

Hiring Demand in the Financial Services Sector of New York

Source: WANTED Analytics

There were 200 employers in the New York area that advertised job openings in October. Companies that posted the most ads were Citigroup, Bank of America (and Merrill Lynch), Chase, Wells Fargo, Metlife, AIG, and Citizens Financial Group. Some of the most commonly advertised job titles for financial-related occupations include:

Personal Banker
Financial Advisor
Sales Service Specialists
Loan Officer
Business Analyst
Financial Analyst
Relationship Banker
Accountant
Business Banker
Credit Analyst

According to our Hiring Scale™, recruiting conditions for these jobs across the US will be moderately easy since the talent pool remains large. However, compared the the rest of the nation, Recruiters in the New York area are likely to see slightly more difficult conditions than average. This means that financial services companies in New York City may see a longer time-to-fill and cost-per-hire than in other locations. On average, job ads across the US remain online for about 5.8 weeks, while job ads in New York are listed for about 6.5 weeks. Our Hiring Scalealso showed that the easiest locations to recruit for these jobs near New York are Utica-Rome, Syracuse, and Albany (New York).

Hiring Scale for Finance Professionals in New York's Financial Services Sector