"Every job in the industry creates almost two additional jobs in New York City and one in New York state."...
10/12/11, "Wall Street’s job losses $ocking NY," NY Post, Erik Kriss
"The state’s chief fiscal watchdog is sounding a warning about a new Wall Street slide that he says will belt New York
- with a new round of job losses and plummeting tax revenue.
State Comptroller Thomas DiNapoli yesterday predicted declining profits on Wall Street for the rest of the year and nearly 10,000 additional job losses by the end of 2012.
“The securities industry had a strong start to 2011, but its prospects have cooled considerably for the second half of this year,” DiNapoli said. “It now seems likely that profits will fall sharply, job losses will continue and bonuses will be smaller than last year.”
He blamed economic uncertainty caused by the European sovereign-debt crisis, continued sluggishness in the US economy, volatile stock markets, regulatory changes and Wall Street’s “excessive risk-taking.”
DiNapoli’s report found that the industry, after adding 9,900 jobs between January 2010 and April 2011, shed 4,100 jobs from April through August of this year.
He predicted that another 10,000 jobs would be lost by the end of next year, bringing total job losses to 32,000 since January 2008, or nearly 17 percent -- still below the average 20 percent drop in the early 1990s and early 2000s....
And the percentage of total tax collections generated by securities-industry-related activities dropped in the last fiscal year to 7 percent for the city ($2.6 billion), from 13 percent before the financial crisis, and to 14 percent for the state ($8.6 billion),
- from more than 20 percent pre-recession, the report found.
DiNapoli said one of every eight jobs in the city and one of every 13 in the state is linked to the securities industry, while every job in the industry creates almost two additional jobs in New York City and one in New York state."...
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Below, white male Wall St. 'Occupier' protester holds wad of cash
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