N.Y. Comptroller: 10,000 Finance Jobs At Risk
October 11, 2011 by UPI - United Press International, Inc.
ALBANY, N.Y., Oct. 11 (UPI) — New York state Comptroller Thomas DiNapoli said the financial district of Wall Street could see 10,000 jobs erased by the end of 2012.
DiNapoli also predicted bonuses would shrink in 2011, The Wall Street Journal reported Tuesday.
For the state, smaller bonuses mean a contraction of tax revenues.
Among the largest banks, Bank of America has announced the largest number of layoffs, as it looks to trim 30,000 from its payrolls. Goldman Sachs Group has said 1,000 jobs are at risk.
If the comptroller’s forecast is right, the loss of Wall Street jobs from 2008 through 2012 would amount to 17 percent of the previous total, the Journal said.
In addition, similar to the ripple effect that occurs throughout the automotive industry if General Motors lays off workers, estimates say one of eight jobs in New York City rely on the financial district for direct or indirect support. Including the whole state, one in 13 jobs is affected by Wall Street, the comptroller said.