Saturday, October 21st, 2017

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Wall Street Heading Toward Further Job Losses

Wall Street could lose another 10,000 jobs.A new report from the New York state comptroller suggests that Wall Street could lose thousands more jobs, according to The New York Times.

Comptroller Thomas DiNapoli projected the industry could shed another 10,000 by the end of 2012 in the face of declining profits. In the first half of 2011, the member firms of the New York Stock Exchange saw pretax profits fall by 10.8 percent, a decline of $12.6 billion from the first half of 2010.

The cuts would increase total job losses in the financial industry since the beginning of 2008 by more than 45 percent, from their current amount of 22,000.

Despite these cuts, wages on Wall Street have actually risen, growing 16 percent over last year to an average $361,330. However, Bloomberg notes that bonuses fell 8 percent last year and look set to continue their decline.

Though many, such as the demonstrators camped out at Occupy Wall Street, might not be too concerned with these losses, DiNapoli notes they could have a serious effect on city and state.

“When we shed jobs, over time, it will have a ripple, negative effect on other parts of our economy,” DiNapoli told Bloomberg.

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