Reply #50: the spinners need to work harder

[UpInArms]

these days - there will be even fewer of their co-workers to contrive the spin with

http://www.forbes.com/business/newswire/2004/03/26/rtr1313588.html

NYC may lose more securities jobs, but upturn seen

NEW YORK (Reuters) - New York City's securities industry, which has lost more than one-fifth of its work force since 2000, may not have seen the last of its job losses, the Securities Industry Association said on Friday.

<snip>

New York City in January had 158,300 securities jobs, down 42,000, or 22 percent, from December 2000, the SIA said, citing revised data from the Bureau of Labor Statistics. Statewide, employment in the industry fell 18 percent to 177,900.

The city still accounts for one in five U.S. securities industry jobs. Nationally, January industry employment totaled 770,700, off 8 percent from the March 2001 peak, the SIA said.

<snip>

"On the other hand, there is a move toward outsourcing or sending lower- level and operational functions overseas" to such places as India to cut costs, Soifer said. "Even within the metropolitan area you've got the continuing response to 9/11, the need to decentralize operations and reduce vulnerability to major disruptions."

...more...

Oh Goodie! A new spinning reason - the need to decentralize operations and reduce vulnerability!!!

Wheee!!!!!!