In terms of job creation for the mid-level managing types, yes, they too are hurting.

• While the market has somewhat recovered and stabilized in the past year or so, and big banks have begun to bounce back, former mid-level executives of banks and financial firms have had a hard time finding work.
• Many banks and finance companies fear that the stock market boon that helped catalyze the recovery in 2009 may not last, and, to make matters worst, that pending trading regulations will inhibit profitability.
• It may take months for banks and financial companies to start hiring mid-level executives, but there are currently a plethora of opportunities for senior-level bankers and executives.

Facts & Figures

• Financial companies have cut nearly 80,000 securities, commodities and investment jobs in the United States since mid-2008.
• During the recession, New York’s financial services sector shed 44,200 jobs (a 6.1 percent reduction).
• All told, Goldman Sachs cut 4,800 jobs, Citigroup, 75,000, Bank of America, 45,500, JPMorgan Chase, 23,700, and Morgan Stanley, 8,600.

Best Quote

“The reality is that you get used to a certain level of compensation that is hard to match elsewhere.” – Matt Prendergast, Former Managing Director at Bear Stearns

Tags: executive compensation, jobs, recession, unemployment, Wall Street