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Sunday, August 03, 2008


New York Jobs in Finance Harder to Find, Chicago Benefits

Troubles on Wall Street have caused many financial institutions to do away with New York jobs in hopes of cutting expenses, making it more difficult to get a job in this sector. Chicago employers are now benefiting from the amount of talent available and have taken to recruiting displaced Wall Street workers

Between the credit crisis, the housing market slump and general economic instability, right now many not seem like the best time to be in finance. Instead of sitting around waiting for stock prices to rise and stabilize, smart job seekers are looking else where. Many have found that Chicago’s thriving securities and commodity industries make the city the perfect place for displaced Wall Street workers to relocate to.

Many companies in the city have begun to recruit the best talent from those that who have lost their New York jobs. Still, the number of people in this industry in Chicago remains relatively modest in comparison to the Big Apple. According to the U.S. Bureau of Labor Statistics, before troubles abounded in this sector, New York employers had approximately 180,000. Estimates of the number of jobs lost since then vary but are around 7,600. Despite the decrease, New York still employees four times the number of finance professionals as Chicago does.

The nature of Wall Street makes the number of jobs it provides unsteady, meaning one day a company may be firing and the next day hiring in mass. Chicago’s finance industry, however, has experienced a modest but more steady increase in employment. Over the last decade job growth in this sector has gone up 13 percent, with approximately 46,400 workers. Interestingly, this increase in employment is directly related to the fact that trading is now done mostly over computers.

Although there may be fewer jobs in Chicago for a finance professional, the positions available offer a greater level of security.

"In New York, financial firms have been hit very hard by the credit crisis, and they're trying to do all kinds of things to reduce their costs," said Ilya Talman, who is president of Roy Talman &Associates, which is an executive search firm. "In Chicago, we're not seeing it. If anything we're going to benefit from it because there is going to be more of a push into exchange activities. In other words, what ails New York may help Chicago."

This means that area employers are now of the look out for the most talented and experienced applicants effected by New York layoffs. As more professionals become aware of the opportunities in the Windy City, competition may become increasingly intense. This is why its best to act now and begin a Chicago job search today.

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