Financial sector loses 52,500 jobs in 6 months

(Reuters) - Financial companies slashed 52,500 jobs from July to December 2007, revealing how badly the subprime debacle has hurt these employers, but such companies based in New York City hired 1,900 people during that period, a new report said on Wednesday.

However, the securities industry, which is concentrated in New York City, is just one sector of the overall financial arena that includes mortgage brokers and real estate credit companies.

Mortgage and real estate lenders tend to be located outside New York City, which helps explain why financial companies in the city were still adding staffers, explained New York City Comptroller William Thompson in a quarterly economic report.

However, many of New York City's securities companies have taken multibillion dollar write-downs from sinking subprime mortgage investments and they sliced 3,700 jobs in just the last three months of last year, the Democrat said.

 

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