Unemployed Bankers Turning To Bartending

Those clever bankers, always able to spot a growth market. It seems that a number of unemployed financiers (finally getting their act together after relaxing with their severance this summer) have turned to bartending, recognising that a bad economy, not to mention a dismal job market, just increases the number of people looking to get drunk.

Bloomberg: A growing number of out-of-work New Yorkers are turning to bartending, according to school directors. Enrollment in the American Bartending School in Manhattan climbed 53 per cent from last October to 84 pupils, the most for the month in five years, director Joe Bruno said in an interview.

“This will be a huge year for us,” Bruno said. “Generally, when the economy is bad we do well because people need supplementary or primary income.”

[T]he New York Bartending School has had an 18 per cent jump in enrollment, said Tom Sisson, school director. The credit crisis and layoffs are driving the growth, said Sisson, who declined to say how many students he has.

“The increase I’m talking about, it’s definitely that corporate, Wall Street, finance kind of thing,” Sisson said.

The number of people working in food and beverage services in the largest U.S. city climbed 3.6 per cent in September from last year to 201,800, according to state labour Department data. Employment in securities, commodities and other financial businesses fell 7 per cent to 174,700.

Bartending isn’t as lucrative as finance, but the pay, including reported tips, is not bad.

The median annual income, including reported tips, for a full-time bartender in New York City was $30,540 as of May, while the median for all jobs was $42,600, the state labour Department said. Securities, commodities and financial services sales agents’ median income was $111,160.

See Also: Laid-Off Bankers Living It Up This Summer
Wall Street Crisis Fuels Scotch And Vodka Sales

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