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November 6, 2007

Financial services sector a leading employer in R.I.

PROVIDENCE -- The financial services sector employs more than 26,000 Rhode Islanders and generates an average salary of $58,417, far above the state's median wage, according to a new report by the state Economic Development Corporation.

The industry, led by companies such as Citizens Financial Group and Bank of America, is expected to grow by 4,000 jobs over the next seven years, according to the report.

"This is one of our success stories," Saul Kaplan, the executive director of the EDC, said this morning during the 2007 Financial Services Symposium at the Rhode Island Convention Center. "We need to shine a big light on it."

Other panelists, however, were less confident about the future of the industry, saying the state's chronic budget deficits could threaten job growth.

--Journal staff writer Benjamin N. Gedan

Posted by Brandie Jefferson  at 2:09 PM | Permalink

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