Financial firms are cutting tens of thousands of jobs because of a slowdown in the mortgage business, the sluggish economy, the growth of online banking and new regulations.
The sector announced 49,000 layoffs the first nine months of 2013, most among all industries, outplacement firm Challenger Gray & Christmas said in a report. Challenger expects to report Wednesday the sector was the top job-cutter in October.
Bureau of Labor Statistics data, which tally net job gains or losses after figuring in both layoffs and hiring, also show a downsizing industry. In September, financial companies lost 7,200 jobs after shedding 5,900 the previous month.
The cutbacks represent a reversal from 2011 and 2012 when financial firms had begun contributing to overall U.S. job growth after recovering more slowly than other sectors from the 2008 financial crisis.
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