Data from the Bureau of Labor Statistics compliled by the Mortgage Bankers Association shows that mortgage industry employment has dropped by 5.9% from a year ago and 51% from a peak in February of 2006. The current level of 248,000 sector jobs markes the lowest employment number since late 1997.
Following steep declines from the tail end of 2006 through 2009, the pace of job losses have slowed. However, estimates for the first two months of 2011 indicate 12,000 additional job losses, including 1,900 layoffs recently announced by Wells Fargo.
Additionally, data from the American Bankers Association estimates that number of banking institutions has fallen from 9,907 in 2000 to 7,821 as of mid-2010.