October 11, 2011

Wall Street Shrinkage - WSJ.com

Is this good news or bad for the Occupy Wall Street protesters?
"New York City's securities industry could lose nearly 10,000 jobs by the end of 2012, New York state's comptroller predicted, a painful blow to the area's economy and government budgets.
In a report set to be released Tuesday, Comptroller Thomas P. DiNapoli also said bonuses are likely to shrink this year, reflecting lower profits on Wall Street.
Since January 2008, the securities industry in New York has seen 22,000 jobs evaporate. If Mr. DiNapoli's prediction of 10,000 more jobs losses between August 2011 and year-end 2012 comes true, that would represent a decline of 17%. About 4,100 jobs have been eliminated since April, and deeper cuts are widely seen as inevitable given a recent flurry of corporate expense-trimming announcements."

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