March 01, 2013
Douglas Farrington, Partner-In-Charge of the Firm's Boston Office, Quoted in Boston Business Journal Article "Financial Hiring Slump Continued Through 2012"
By Matthew Brown
Employment in the state's financial sector continued to slump in 2012, and some in the industry doubt the number of jobs will ever return to pre-recession levels.
While several financial services firms say they added jobs in the past year, few are adding enough local people to make much of a difference here.
The state's financial sector employed about 205,000 people, based on an average of monthly counts throughout the year. That represents a decline of nearly 1,000 from 2011, according to the state's Executive Office of Labor and Workforce Development. It's also the lowest level the state has seen in the last five years, even as the sector's employment continued to recover nationally.
Douglas Farrington, a partner at accounting and advisory firm Marcum, said he expects hiring to be "modestly on the rise" this year in the sector, specifically in regulatory compliance departments.
"Firms are a little more comfortable spending on staffing," Farrington said, "whether it's hiring or outsourced services."
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