Securities Industry Job Numbers Decline in 2020, a Trend Expected to Continue in 2021
The Office of the New York State Comptroller released its The Securities Industry in New York City report in late October, revealing that a total of 3,600 New York City jobs were lost in the industry during 2020, representing a 2% decline year-over-year. Although the annual decline is the “smallest percentage decline compared to other major sectors, it is the biggest annual decline for the industry since the Great Recession.” Looking ahead the securities industry is on pace to lose more than 4,900 jobs in 2021, in comparison to more than 23,000 jobs added. In contrast, securities industry profits remain near record levels, and initial 3rd quarter results indicate a continuation of the trend. The securities industry accounted for 7% and 18% of New York City and New York State tax revenue respectively.