40,000 lose jobs owing brokerage shutdown
While the Sensex has done relatively well, about 522 brokerages and 12,855 sub-brokers have shut down in the first six months of this financial year leading to a loss of about 40,000 jobs. Even as this oversupply of laid-off brokers, dealers and analysts floods the job market on the one hand, new job openings in stock brokerage-related jobs, such as analysts and dealers, are down 10 per cent since last year. As brokerages put their expansion plans and fresh hiring plans on hold, the number of new job openings in the stock market sector has fallen to 362 in October 2013 from 406 in October last year.
While the Sensex has done relatively well, about 522 brokerages and 12,855 sub-brokers have shut down in the first six months of this financial year leading to a loss of about 40,000 jobs. Even as this oversupply of laid-off brokers, dealers and analysts floods the job market on the one hand, new job openings in stock brokerage-related jobs, such as analysts and dealers, are down 10 per cent since last year. As brokerages put their expansion plans and fresh hiring plans on hold, the number of new job openings in the stock market sector has fallen to 362 in October 2013 from 406 in October last year.
Read the Hindu Business Line news report here.
