Brokers Leaving Wall Street

The financial crisis has created an air of exodus on Wall Street. The Wall Street Journal reported on Wednesday that according to the Financial Industry Regulatory Authority, 11,500 brokers have left the industry so far in ’09, and the year is not even half over.

From WSJ: The number of brokers bolting from Wall Street is on the rise amid slumping markets and diminishing fees — a trend that could augur lasting changes in the way individuals invest.

In April, more than 2,800 people registered as brokers in the U.S. left the industry, according to the Financial Industry Regulatory Authority. The total number of departures so far this year stands at 11,600. In 2002, the previous high-water mark for industry exits in the 15 years of data available from Finra, a total of 11,500 brokers left Wall Street.

At the current pace, nearly 35,000 brokers would exit by year end…

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