The US securities industry has shed a tenth of its headcount over the past year, with further falls recorded in the second quarter, according to new data which suggests the sector as a whole is still in retrenchment mode despite sporadic hiring.

The number of people employed in the US securities industry fell for a fourth consecutive quarter in the three months to the end of June, to 788,400, a drop of 2.3% that brings total headcount in the country's sector in line with 2005 levels.