Pasadena, CA -- (SBWIRE) -- 07/14/2010 -- Well Fargo & Co. has announced layoffs of 3,800 employees nationwide as it is closing 638 independent consumer-finance branches and stop making nonprime home loans. Last month Citigroup Inc. announced that it will cut around 720 jobs and close 376 branches at its CitiFinancial consumer-lending businesses in the US and Canada.

Reports from local media about unemployed people suggest that layoffs in the financial sector seem to affect the lower-level staff more than middle management and higher-ups. Most of the laid-off workers also happen to be in their fifties and have a harder time finding a new job, especially one with comparable pay and benefits.

However, FinancialServicesCrossing.com, a niche job site focusing on just jobs in the financial services sector has been able to list almost 70,000. “New York is not the only place for jobs in this field. There are financial executives needed all over the country even in this economy. For entry level positions to other experienced executives, there is a demand everywhere from California to Texas.” says A. Harrison Barnes, CEO of FinancialServicesCrossing. The niche job site has financial services jobs in all major cities including New York City, Chicago, Atlanta and Los Angeles.

The states with most jobs in this sector are: New York (2,431), Texas (1,367), California (2,651), and Illinois (934).