In the two years from November 2007 to November 2009, financial activities lost over 500,000 jobs, declining from 8.2 million to 7.7 million workers, a 6.7% drop, according to Labor Department statistics compiled by The Wall Street Journal.
Mortgage and non-mortgage loan brokers were the hardest hit, losing 36% of finance pros. Real estate credit was close behind, suffering a 22.7% drain. The hardest hit, mortgage/real estate, is set to rebound in 2010, with banks hiring thousands to stem the tide of foreclosure that still threatens to subsume some of the largest U.S. lending institutions.
Another sector that is looking to make gains in employment numbers in 2010 -- sales and trading and wealth management -- lost 14% of its workforce in the two years measured. The sector is poised for major hiring, experts say, with dozens of firms looking make a splash in the money management business.
The bright spots for finance in the Labor Department numbers were in the health insurance, life insurance and reinsurance sectors, which saw modest single digit increases in workforce from 2007 to 2009. Other insurance activities, however, saw declines in headcount by almost 22%.
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