Pity the investment bankers

The Economist reports:

The retreat also has a human cost. The financial industry in London, the world’s most international banking hub, will probably have shed 100,000 jobs by the end of this year from its peak of 354,000 in 2007. In New York the industry employs 20,000 fewer people than it did before the crisis, and it is likely to lose 2,600 more jobs this year. Pay is also falling fast—down by about 30% since 2007—and it comes with new strings.