Wall Street Could Say ‘Sayonara’ To 36,000 Jobs
Time to dust off those resumes, Wall Streeters. According to James Brown of the New York State Department of Labor, Wall Street could lose over 36,000 jobs due to the housing bust, subprime mortgage meltdown, and credit crunch. Earlier today Brown, a labor market analyst, told Reuters that regarding his forecast of one in five jobs being eliminated, “History suggests it’s going to be something of that magnitude.” Reuters’ Joan Gralla wrote that Brown’s estimate “was almost double the 20,000 job loss over the next two years that the city’s Independent Budget Office forecast in March.”
At the end of March, 182,300 people were working at banks and brokerages, down more than 5,000 since September. According to Brown, the small number of layoffs seen so far likely reflects the lag between the end of severance payments and when job hunters file for unemployment benefits.
Source:
“Wall St may lose 36,000 jobs”
Joan Gralla
Reuters, April 24, 2008
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