Click here for linkJust last week, America learned that September was yet another bad month for the Obama economy, with the unemployment rate remaining flat at 9.1 percent. A new report out today predicts more bad news down the road: Wall Street could see 10,000 securities jobs lost by the end of 2012. That’s on top of the 22,000 jobs the industry has lost since January 2008.
The Wall Street Journal reports:
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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