The financial markets are 'not the high-paying, glamorous place (they) once was'.
The New York Post reports that Andrew Juhasz believed that a job on Wall Street was the ticket to the good life. The former West Islip, Long Island, resident landed a position on the floor of the New York Stock Exchange when he was 23. Not long after, he was taking home $200,000 a year.
“I thought I’d be one of those people who retired rich in their 40s,” he says. But then came algorithmic trading, and he began to see his colleagues lose their jobs. Out of the 350 traders at one of his former employers, LaBranche & Co., there were 26 left when Juhasz was recruited to work for another firm.
“I thought I was safe,” he says. But two years later, he was laid off. “It was a shock,” he says.
Juhasz left the financial industry and New York in 2007, and things for financial-industry employees haven’t gotten much better since. Sure, the stock market keeps rising to new heights, but job growth hasn’t followed in kind; in fact, there are 11,900 fewer jobs in the industry now than there were in 2007, according to the annual Wall Street report from the New York State Comptroller’s office.
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