Wall Street losing jobs

[bemildred]

Source: LA Times

Wall Street is again losing jobs because of global economic woes, threatening tax revenue for a city and state heavily reliant on the financial industry, New York Comptroller Thomas DiNapoli said Tuesday.

DiNapoli said that after adding 9,900 jobs between January 2010 and this April, the industry shed 4,100 jobs through August and could lose nearly 10,000 more by the end of 2012. That would bring the total industry loss to 32,000 positions since the economic crisis of 2008.

He said profits at New York Stock Exchange firms earned $9.3 billion in the first quarter of this year, but profits declined sharply in the second quarter and are likely to reach $18 billion for the year, a third less than in 2010.

"The securities industry had a strong start to 2011, but its prospects have cooled considerably for the second half of this year," DiNapoli said. "It now seems likely that profits will fall sharply, job losses will continue, and bonuses will be smaller than last year."


Read more: http://www.latimes.com/business/la-fi-wall-street-20111011,0,5429046.story

[Historic NY]

1. Well they still have their bonus's......the hell with the rest.

[marasinghe]

2. WTF question for the political whores in the city state & federal governments -

WTF about equitably taxing the wealthy & the corporations, don't they get?

[hack89]

3. And NYC loses tax revenues

the dangers of building your income tax structure as an inverted pyramid should be obvious to all.

[mod mom]

4. maybe some effective whistleblowers will emerge with insider info

that will put some of these thugs responsible in jail. Wouldn't that be poetic justice!

[bemildred]

9. +1.

My first thought. A book deal is always a big help when you are laid off.

[wordpix]

14. It's taking a long time, if any investigations are happening. Meanwhile, the rich get richer

[Populist_Prole]

5. where's all the supply side twits chirping about "Creative Destruction"?

Wasn't that their own view on all the layoffs due to the loss of our industrial base? All we had to do was "adapt"?

Oh that's right, I forgot: The 99 percent don't drive the economy, only the banking and finance types do. I see :sarcasm:

[HughBeaumont]

18. It's like, where do you GO, how do you "adapt" from a job that requires a Masters? PhD?

You know, because with our inexhaustible supply of money and time, we can ALL just "retrain" and "adapt". :eyes: :eyes: :eyes: :eyes: :eyes: :eyes: :eyes: :eyes: :eyes: :eyes:

Supply Side - A comedy where the joke's on ALL of us.

[movonne]

6. Some of these might start marching in OWS..

[valerief]

7. Only if they can't afford to live off their savings. nt

[lunatica]

8. They can join the 99% and Occupy Wall Street after they've exhausted all

other avenues, just like everyone else in OWS.

[SoapBox]

10. Oh BOO-HOO...I'm so sad...

NOT.

Let's put a few hundred thousand of these dirty bastards out of work forever.

Welcome to the 99%!

[sarcasmo]

11. Kick.

[marasinghe]

12. parasites feeding on themselves.

[wordpix]

13. analysis not totally correct---also losing jobs due to lies, greed, corruption

and not just because of global recession.

Why would anyone invest anything with a bunch of greedy rich fat cats who couldn't care less about your life savings, the planet, the next generation or the country, but only about getting richer themselves?

[So Shall Us]

15. The Big Boys aren't affected by this

They still have their yachts, congressmen and senators.

[primavera]

16. They could always try taxing those who remain

... since Wall Street's never actually had to pay any meaningful taxes before.

[No Elephants]

17. I'm sure no company that got bailed out laid anyone off. Right?