Number of New York traders at all time low

4:59PM BST May 2014
The number of traders have fallen to the lowest figure since the US government began tracking in 1990, calling into question the resilience of the financial services industry.

A dramatic decline has been recorded in the number of New York traders, which have fallen an all time low since records began.

Wall Street has recovered from dramatic economic crashes in the past, although these new figures call into question the resilience of the financial services industry.

Video source: Bloomberg

http://www.telegraph.co.uk/finance/...9266/Wall-Street-bankers-at-all-time-low.html

 

There is also record low market particpation!

As you can see, 9 of the top 10 most commonly held occupations pay an average wage of less than $35,000 a year…

1. Retail salespersons, 4.48 million workers earning $25,370
2. Cashiers 3.34 million workers earning $20,420
3. Food prep and serving staff, 3.02 million workers earning$18,880
4. General office clerk, 2.83 million working earning $29,990
5. Registered nurses, 2.66 million workers earning $68,910
6. Waiters and waitresses, 2.40 million workers earning$20,880
7. Customer service representatives, 2.39 million workers earning $33,370
8. Laborers, and freight and material movers, 2.28 million workers earning $26,690
9. Secretaries and admins (not legal or medical), 2.16 million workers earning $34,000
10. Janitors and cleaners (not maids), 2.10 million workers earning, $25,140

Overall, an astounding 59 percent of all American workers bring home less than $35,000 a year in wages.

So with these types of jobs people will not have the savings and capital necessary to invest or trade in securities or capital markets.

 

I am one of the casualties. Nurse seems to earn good money.

 

Whatever job you do, learn how to position yourself at the top of the pay range for that job.
Why make average or less than average pay?

 

High Frequency theft has destroyed Wall St.

Out of the hundred or so traders I knew from my old firm, only a handful are still in the business, and nobody is making anywhere near the P&L's from late 90's through a few years ago.

Phantom liquidity, nano second front running, sub pennying, etc. Not a real market anymore.

 

Here's the other side of the coin':

http://go.bloomberg.com/market-now/2014/05/16/as-wall-street-banks-retreat-on-pay-buy-side-rises/

Meet the new boss, same as the old boss...

 

Sigh. I actually know somebody who makes that much in bonus by managing a fund that makes 1% a year.

 

Now your comments on redundancies in banking makes sense.
I remember less than 2 years ago, I was pointing out to some "masters of the Universe", that nurses were valuable in their profession. It looks like it did not take long, for - seemingly - a "reversal of fate".

If you have been made redundant and have a bit of money on the side, and not too much responsabilities ( family), now is the time to travel, get all the coaching you can afford, take stock and map your next career. My 2 cents.

 

Same here. A lucky few managed to get into equity research, some are in operations, back office stuff, the rest have left the business totally. Oh, some have become "financial representatives".

 

when it made you rich, it was OK. when it makes someone else rich, it's theft?