Securities Industry Reports Losses In 3Q’08: Broker-dealers doing public business in the U.S. reported a 3Q’08 pre-tax loss of $8.7 billion, compared to the $4.8 billion gain in the immediately preceding quarter. Net revenues (total revenues minus interest expense) were $39.5 billion in 3Q’08, down from $55.5 billion in the second quarter of 2008 and 11.1 percent below that in the same year-earlier period.

Securities Industry Employment Update: The U.S. Department of Labor estimated national securities industry employment decreased to 842,600 in December, 0.2 percent below November’s level. Securities industry employment in New York State and New York City decreased in November from October²s levels by 1.0 percent and 0.8 percent, or 1,900 and 1,400 jobs, respectively.

Credits

SIFMA Research

• Managing Director, Director of Research: Kyle Brandon
• Research Analyst: Paul Rainy