Wall Street Could Face 10000 Additional Job Losses

More than 4,000 people lost their jobs in the city’s securities industry between April and August, as the anemic domestic economy and fresh fears over Europe’s debt crisis hit the financial sector, according to a report released on Tuesday by New York State Comptroller Thomas DiNapoli. An additional 10,000 jobs could be cut by the end of next year, bringing the total losses on Wall Street to 32,000 since 2008, the report said.

“It now seems likely that profits will fall sharply, job losses will continue, and bonuses will be smaller than last year,” DiNapoli said in a statement on Tuesday. “As we know, when Wall Street slows, New York City and New York State’s budgets feel the impact and that is a concern.”