New York Bankers May Want to Move to Cleveland: “A contact in the financial industry notes that employment continues to drift down, as the pace of layoffs appears to have picked up a bit lately; some financial firms are reported to be in the market for lawyers and accountants but are not hiring much in other areas. Moreover, recent weakening in revenues is said to be constraining compensation at these firms, and year-end bonuses (typically paid out in January) are projected to be lower than this past year,” the New York Fed reported. But the Cleveland Fed was more upbeat on the sector, saying “several bankers noted that they have slowly increased their payrolls during the past few months.”
I suspect Real Time Economics has tongue firmly planted in cheek. But the bit of optimism deserves a map.
The blurb from the report concerns the entire Cleveland Fed region. Regardless, finance is up in the Eastern Rust Belt and down in New York. Symbolically, it is a move from Toronto to Hamilton. The Great Rust Belt Reset continues.