Reply #69: Reason for party? Wall Street jobs cuts may only hit 25,000: report [View All]

[UpInArms]

http://www.reuters.com/article/bondsNews/idUSN2926075020080529

NEW YORK (Reuters) - New York City's financial sector might only slice 15,000 to 25,000 jobs in the current downturn, which could prove shorter than the mayor has predicted, the city comptroller said on Thursday.

In contrast, the financial sector that is such a vital part of the city's economy slashed 40,200 jobs in the previous retreat from 2000 to 2003 that straddled the September 11, 2001 attacks, Comptroller William Thompson said in his report.

The current job-losing cycle began in August 2007 and should run through March 2009, the Democrat added.