red states rule
10-22-2011, 02:39 AM
This should put a smile on the faces of hippies occupying Wall Street and public/private property nationwide. Yea, those greedy bastards on Wall Street are finally losing their jobs
Wall Street is again losing jobs because of global economic woes, threatening tax revenue for a city and state heavily reliant on the financial industry, New York state Comptroller Thomas DiNapoli said Tuesday.
After adding 9,900 jobs between January 2010 and this April, the industry shed 4,100 jobs through August and could lose nearly 10,000 more by the end of 2012, DiNapoli said. That would bring the total industry loss to 32,000 positions since the economic crisis of 2008. The sector employed 166,600 people in investment banks, securities trading firms and hedge funds as of August.
DiNapoli said New York Stock Exchange firms earned $9.3 billion in the first quarter of this year, but declined sharply in the second quarter and are likely to reach $18 billion for the year, a third less than in 2010.
"The securities industry had a strong start to 2011, but its prospects have cooled considerably for the second half of this year," he said. "It now seems likely that profits will fall sharply, job losses will continue, and bonuses will be smaller than last year."
New York City Mayor Michael Bloomberg said DiNapoli's numbers were on target.
http://www.businessweek.com/ap/financialnews/D9QA97GG0.htm
Wall Street is again losing jobs because of global economic woes, threatening tax revenue for a city and state heavily reliant on the financial industry, New York state Comptroller Thomas DiNapoli said Tuesday.
After adding 9,900 jobs between January 2010 and this April, the industry shed 4,100 jobs through August and could lose nearly 10,000 more by the end of 2012, DiNapoli said. That would bring the total industry loss to 32,000 positions since the economic crisis of 2008. The sector employed 166,600 people in investment banks, securities trading firms and hedge funds as of August.
DiNapoli said New York Stock Exchange firms earned $9.3 billion in the first quarter of this year, but declined sharply in the second quarter and are likely to reach $18 billion for the year, a third less than in 2010.
"The securities industry had a strong start to 2011, but its prospects have cooled considerably for the second half of this year," he said. "It now seems likely that profits will fall sharply, job losses will continue, and bonuses will be smaller than last year."
New York City Mayor Michael Bloomberg said DiNapoli's numbers were on target.
http://www.businessweek.com/ap/financialnews/D9QA97GG0.htm