Wall Street may cut 20,000 jobs over 2 years: report


	Wall Street may cut 20,000 jobs over 2 years: report

rmowery

3-25-2008 5:00 AM

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wall street, nyc, us, stock market, economy, job loss

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/1c957515-840c-4ae7-8421-fa225a4a363a/5102AA48-684E-4352-A9CA-0F956B961F63/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://news.yahoo.com/s/nm/20080325/ts_nm/newyorkcity_jobs_dc" href="http://news.yahoo.com/s/nm/20080325/ts_nm/newyorkcity_jobs_dc" style="font-size: 11px;">news.yahoo.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/nm/20080325/ts_nm/newyorkcity_jobs_dc"><H1>
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                                        Wall Street may cut 20,000 jobs over 2 years: report                </H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/nm/20080325/ts_nm/newyorkcity_jobs_dc"><P>
                        NEW YORK (Reuters) - 
<SPAN id="lw_1206410016_0" class="yshortcuts">New York City</SPAN> risks losing more than
20,000 jobs in the high-paying financial sector over the next
two years as the crisis in mortgage markets drives down Wall
Street's profits, according to a report issued on Monday.                        
                        </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/nm/20080325/ts_nm/newyorkcity_jobs_dc"><P>The city's <SPAN id="lw_1206410016_1" class="yshortcuts">Independent Budget Office</SPAN>, in its report,
estimated that <SPAN id="lw_1206410016_2" class="yshortcuts">Wall Street</SPAN>'s profits for 2007 will sink by more
than 80 percent to the lowest level since 1994.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/nm/20080325/ts_nm/newyorkcity_jobs_dc"><P>Profits for 2007 are expected to total just $3.2 billion,
down from $20.9 billion in 2006, the report said.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/nm/20080325/ts_nm/newyorkcity_jobs_dc"><P>Banks and brokerages account for almost 35 percent of all
salaries and wages in New York City. Fallout from investments
in the risky <SPAN id="lw_1206410016_3" class="yshortcuts">subprime mortgage market</SPAN> has forced <SPAN id="lw_1206410016_4" class="yshortcuts">Wall Street
banks</SPAN> to write-down more than $150 billion -- and more red ink
is expected.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/5102AA48-684E-4352-A9CA-0F956B961F63/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>