UPDATE – Wall Street cuts jobs | 459,400 jobs in four years

U.S. financial sector loses 459,400 jobs in four years – The Business Journals

The recession may officially be over, but its effects are lingering in the financial sector.

The nation’s 100 biggest metropolitan areas lost a collective total of 459,400 financial-activities jobs during the past four years, according to an On Numbers analysis.

The U.S. Bureau of Labor Statistics    lumps a wide range of jobs under the financial-activities umbrella, including bankers, insurance agents, stockbrokers, employee-benefit counselors and real-estate agents.

Twelve major markets lost more than 10,000 of these jobs between February 2008 (which came two months after the official start of the recession) and February 2012. The worst declines occurred in New York City (down 48,600 financial-activities jobs), Los Angeles (down 40,300), Chicago (down 35,800), Miami-Fort Lauderdale (down 25,000) and Atlanta (down 22,700)…

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Wall Street Gets Lean – WSJ.com

Having already slashed bonuses, banks including Citigroup Inc.,Goldman Sachs Group Inc., J.P. Morgan Chase and Morgan Stanley are preparing to cut dozens of jobs, including some held by senior bankers, according to people familiar with the matter. As they pursue this targeted round of trims as soon as next month, they and rivals are also revisiting profit expectations for their advisory businesses, people familiar with the matter said…

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