Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

N.Y. Comptroller: 10,000 Finance Jobs At Risk

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.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

Facebook Conversations

Join the Discussion:
View Comments to “N.Y. Comptroller: 10,000 Finance Jobs At Risk”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.