Wall Street seems like a very vibrant place to work, no matter if the times are good in a financial sense, or if they are bad and the markets are in a state of recession. Since the 2008/9 economic crisis, the markets have begun acting up in the most volatile way, but a lot of financial firms and businesses actually took this as an opportunity to expand their workforce. Others, however, did the expected and began cutting down their staff, including the brokers and other front-end Wall Street employees. Thanks to this fact, many wonder how many people actually work on Wall Street now versus 10 years ago.
Today, the so-called front-end employees of Wall Street, which means traders, bankers, salespeople and brokers from different companies that are actually present in the same area of New York City numbers about 50,000. The same number peaked in 2010 when it was at around 65,000. Ten years ago, the number was still quite larger than today, with about 60,000 people actively engaged in the Wall Street firms, banks, stock exchanges and companies.
This means that now about 20% fewer people are working on Wall Street than in 10 years ago. Interestingly enough, the number of workers began increasing after the 2008/9 meltdown, so about 58,000 employees in 2008 rose to 61,000 employees in 2009, right in the middle of the crisis. Although this might seem illogical, many companies tried to bring in fresh talent with the purpose of exploiting the dire straits in which the Wall Street found itself in.
In 2015/16, it seems however that the same approach is not being used. Instead, the companies are cutting down on their employer workforce, culling their numbers with the purpose of reaching a more equitable system of business dealings. At the same time, one of the reasons why a lot fewer people are currently working on Wall Street today than in 2005 is the diversification of the workforce thanks to new financial opportunities like the digital currencies.
Others, however, choose the option of working online at Wall Street financial markets and thus remain active in them, but do not need to be there in person.
If you are interested to find out what really goes on inside the stock exchange, watch the documentary below: