Wall Street to Shed 10,000 Jobs

From Reuters:



New York City’s securities industry could lose nearly 10,000 jobs by the end of 2012, according to a report by New York state’s comptroller Thomas DiNapoli, the Wall Street Journal said.

In a report due for release on Tuesday DiNapoli also said bonuses were likely to shrink this year, reflecting lower profits on Wall Street, the WSJ reported.

Financial firms play a major role in New York’s economy and its budgets. DiNapoli’s office estimates that one in eight city jobs and one in 13 state jobs rely on securities firms.

Big financial firms have been cutting jobs this year as the industry tries to cope with worsening market conditions and increased regulatory scrutiny.

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