Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

Wall Street Shrinkage (Wall Street Journal)

Your article was successfully shared with the contacts you provided.

Occupy Wall Street protests carry on in protest of large-scale capitalism, but things aren’t looking that cushy in the center of world finance these days. In fact, New York’s state comptroller, Thomas P. DiNapoli, is predicting another 10,000 jobs lost in the city’s securities industry by the end of 2012. Since January 2008, 22,000 financial services jobs have already been cut. 

Layoffs seem imminent nearly across the board. Goldman Sachs predicted 1,000 layoffs, and Credit Suisse and Barclays have announced cuts, as well. Most devastating, Bank of America  has announced 30,000 layoffs to come, though it’s not clear whether these will come from the bank’s staff in New York or from securities operations.

These cuts could be crippling for New York’s economy and budgets. Nationwide, between December 2006 and August 2011, the number of people employed in finance and insurance fell 8.1 percent, according to the Bureau of Labor Statistics.

Read the story.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.