Connecticut’s Displaced Financial Services Workers to Benefit from Major
FOR IMMEDIATE RELEASE
CONTACT: Adam Liegeot, 860-524-7313
February 5, 2009
Governor M. Jodi Rell announced that Connecticut was notified late this
afternoon by the federal Department of Labor that the state, along with New York
and New Jersey, has been awarded a $22 million National Emergency Grant to
address the needs of workers who are losing their jobs due to the financial
crisis on Wall Street. The initial installment of the award for the three states
is more than $10.9 million.
In November, Governor Rell, along with Governor David Paterson of New York and
Governor John Corzine of New Jersey, urged U.S. Department of Labor to approve
“These funds will be put toward helping state residents get back to work,”
Governor Rell said. “We anticipate that thousands of financial jobs will be lost
over the next two years in the Fairfield, New Haven and Hartford counties alone.
Connecticut workers – like those in our neighboring states – are feeling the
pain of the Wall Street turmoil.”
Governor Rell noted that many of those losing their jobs are not highly paid
securities traders, but administrative and computer support personnel. The
federal funds will be used for retraining and other support services to help
them transition back to the workforce.
The services include assessment, counseling, career and financial education/
debt resolution, customized job search, skill realignment with the demands of
the current marketplace, training, job development and placement.
Governor Rell said the federal grant will allow the three states to develop a
coordinated response to help displaced workers. The tri-state response also
includes a labor market analysis and forecasting for the region and
identification of high-paying, skilled job opportunities in industrial sectors
and other areas, such as training for math and science teachers.