Swiss banking giant UBS announced today that it’ll be cutting 10,000 jobs a reminder that it’s more than a tiny handful of fatcat CEOs making money off the financial sector.
Indeed, as you can see in the above chart of finance and insurance employment as a fraction of all employment this segment of the economy really is shrinking. There was a huge crash here associated with the original unwinding of the housing bubble. Then during the high point of the recession, layoffs were coming so fast and furious in the rest of the economy that the finance share ticked up a bit. But the ensuing recovery has disproportionately come in nonfinancial sectors so relative shrinkage has continued and shows no real sign of stopping.