Governor Rell: Connecticut’s Displaced Financial Services

Workers to Benefit from Major Tri-State Grant

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 the grant.

“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 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.