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Clear Channel Radio Chicago |
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With the shutdown of Ravenswood Bank, it appears more financial jobs in Chicago were eliminated.
The Chicago-based lender was just acquired by Northbrook Bank and Trust. According to a statement posted on the FDIC website, the Ravenswood aquisition was worth about $270 million in deposits and two branches.
The failure cost the FDIC’s deposit-insurance fund $68.1 million.
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Nearly 1,000 Chicago area jobs will be lost at two of the city’s top companies. Click here to see profiles of more top companies.
About 900 jobs total will be cut at Discover Financial Services and ArcelorMittal, according to an article by the Chicago Tribune.
Discover plans to cut about 500 jobs, mostly at the company’s headquarters, to help better align its cost structure. The layoffs are expected to effect all departments within the company, but not many will involve employees who deal with customers. The company currently employs less than 3,000 workers in Riverwoods, a Chicago suburb, and has about 12,000 workers throughout seven states.
Despite problems on Wall Street and in other corners of the country, people are finding many opportunities for Chicago finance jobs.
According to a recent article in the Chicago Tribune, finance jobs in Chicago have remained strong-and even continue to hire new employees-despite the fact the city’s unemployment rate rose to 6.8 percent in June. Job postings for trading firms in the city can offer salaries as high as $600,000, while the average Chicago wage equals $45,710.
Mesirow Financial, based in Chicago, has entered discussions with more than 30 traders, bankers and investment managers. The firm also recently hired executives who previously worked for Bear Stearns Co., including the head of the company’s municipal bonds desk.
Economic issues have forced the job security of the finance industry down. Between the credit crisis and the slump in the housing market, many companies have found it necessary to reduce the size of their payroll. Despite this, those looking for Chicago finance jobs will still be able to find new opportunities, according to Robert Half International’s Financial Hiring Index.
Through surveying local chief financial officers (CFOs), Robert Half found that 14 percent plan on continuing to create new finance jobs in Chicago through the end of the second quarter of this year. Only 5 percent of CFOs reported that they would be doing away with full-time positions. Although this means that the industry remains relatively stable, the hiring index shows that job growth will be more moderate for time being.