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10-11-2011, 03:18 PM #1
Wall Street may lose 10,000 jobs
Wall Street may lose 10,000 jobs
By Aaron Smith, CNNMoney
The New York state comptroller expects Wall Street to lose 10,000 jobs by the end of 2012. The job losses are projected to occur in New York City's securities industry from now through December, 2012, according to Eric Sumberg, press spokesman for state comptroller Thomas DiNapoli.
"It now seems likely that profits will fall sharply, job losses will continue, and bonuses will be smaller than last year," DiNapoli said in a press release. "These developments will have a rippling effect through the economy and adversely impact state and city tax collections."
The comptroller blamed the dismal outlook on "uncertainty due to the European sovereign debt crisis, a sluggish domestic economy, volatile stock markets and regulatory changes." The comptroller's office highlighted Wall Street's strong start for 2011, noting that the securities industry has weakened considerably through the rest of the year. Wall Street added 9,900 jobs from January 2010 and April 2011, but then lost 4,100 jobs through August.
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