Word: recessional
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"You would think because of what went on in the financial-services sector - making this recession a million times worse than it had to be - that we might have seen more of an employment shift," says Heidi Shierholz, an economist at the Economic Policy Institute. "Yet the job loss in...
To be sure, the financial-services business is not immune to the downturn. Many bankers have lost their jobs as their firms have faced steep losses from bad loans or just gone out of business. There are 296,500 fewer people working in banking and insurance than there were at...
Still, many expected things to be different this time. The bursting of the housing bubble so soon after the tech-stock wreck was supposed to show the excess and folly of the financial-services industry. Many predicted a massive shift in workers away from dollar-crunching into the more real...
What's more, for those who have kept their jobs in the financial-services industry, the recession hasn't dented their paychecks either. While it appears that top salaries on Wall Street have dropped, on average, wages in the industry have continued to rise, even in the past year and...
What's going on here? Economists say that even in this downturn, financial services has proven to be more recession-proof than other lines of work. Consumers can put off buying a new car or going on vacation. But most people will still continue to pay their mortgage, write checks...