Report: Wall Street May Cut 20,000 Jobs Over 2 Years

Report: Wall Street May Cut 20,000 Jobs Over 2 Years

Reuters   |  Joan Gralla   |   March 24, 2008 10:51 PM

Read More: Wall St, Wall St Jobs, Wall Street, Wall Street Job Losses, Wall Street Jobs, Breaking Business News
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New York City risks losing more than 20,000 jobs in the high-paying financial sector over the next two years as the crisis in mortgage markets drives down Wall Street's profits, according to a report issued on Monday.

The city's Independent Budget Office, in its report, estimated that Wall Street's profits for 2007 will sink by more than 80 percent to the lowest level since 1994.

Profits for 2007 are expected to total just $3.2 billion, down from $20.9 billion in 2006, the report said.


 
 

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- davy See Profile I'm a Fan of davy

Maybe they could make something. O I forgot we don't do that anymore.

    Favorite    Flag as abusive Posted 10:45 AM on 03/25/2008
- Nutcase See Profile I'm a Fan of Nutcase

Finally, some good news. This will be a great source of manpower for the war. And here we all thought Bush had no plan.

    Favorite    Flag as abusive Posted 09:24 AM on 03/25/2008
- Ammobob See Profile I'm a Fan of Ammobob

Wow, just think how many medical insurance company employees will be out of work when SOCIALIZED medicine hits America. Add to that the lack of General Practitioner's who will seek other more lucrative careers besides the GOVERNMENT dole.

    Favorite    Flag as abusive Posted 08:50 AM on 03/25/2008
- Nutcase See Profile I'm a Fan of Nutcase

With a shortage of 800,000 to a million nurses, there might be a job opportunity or two. I'd rather have those insurance people unemployed than have people die because they denied them benefits or the cost of keeping them employed meant 47 million couldn't have any coverage.

As for any lack of GPs, we have a surfeit of specialists driving up the costs. Most Americans would be happy with the income of GPs.

Only people who are intentionally trying to smear universal healthcare and/or those who don't know the definition of socialism apply the term to it. Given your screaming of the words 'socialized' and 'government,' I would guess that you hold the simpleminded tenets of those who incorrectly call themselves conservatives. This group is noted for significant educational shortcomings, including not knowing the definitions of the words they shout.

Je pense, donc je suis populiste.

    Favorite    Flag as abusive Posted 12:55 PM on 03/25/2008
- BC33 See Profile I'm a Fan of BC33

Good, those bastards can join the rest of us in the unemployment line.

    Favorite    Flag as abusive Posted 07:53 AM on 03/25/2008
- hoopesaz See Profile I'm a Fan of hoopesaz

My guess is that they WON'T be joining the unemployment line with the rest of the "victims". They'll probably go out and get another job -- maybe not the same job and maybe not a job that pays as well, but a job nonetheless. Perhaps you should do the same.

    Favorite    Flag as abusive Posted 12:52 PM on 03/25/2008
- vippy See Profile I'm a Fan of vippy

could not happen to a nicer bunch of people!

    Favorite    Flag as abusive Posted 07:45 AM on 03/25/2008
- LeonBNJ See Profile I'm a Fan of LeonBNJ

Such losses are nothing new, look at the 1987 market bust which had comparable job losses, but comming back in the 1990's boom.

    Favorite    Flag as abusive Posted 07:16 AM on 03/25/2008
- pennyfortheguy See Profile I'm a Fan of pennyfortheguy

Should please the Street.

    Favorite    Flag as abusive Posted 06:36 AM on 03/25/2008
- KQuark See Profile I'm a Fan of KQuark

I don't really care about Wall Street losing jobs when they've been taking jobs from the middle class for years. I am more concerned with the two disturbing parts of Hillary's mortgage plan. First it shows that Hillary is backing corporate interests that have funded her campaign by not letting investors sue mortgage banks when those investments were fraudulently listed as being AAA investments. Second it is incredibly naive to want to appoint Alan Greenspan to a panel trying to solve the mortgage crisis when it was his incompetence that failed to regulate the mortgage industry in the first place. One of the main reasons homeowners have no leverage in negotiating with their mortgage companies is because of the highly punitive bankruptcy law that Clinton signed along with Bush's and the Republican's anti-middle class and pro-corporate agenda. People need to understand that Hillary does not care about the middle and lower classes she is as tied to corporate interests as McCain.

    Favorite    Flag as abusive Posted 03:06 AM on 03/25/2008
- deke33 See Profile I'm a Fan of deke33

Not only the outsourcing of American jobs to foreign countries, but how about bailing out Bear Stearns from an administration that says it doesn't want Congress to overregulate the free enterprise system. What do they think bailing out Bear Stearns and the culprits who made such bad loans to home owners is if not regulating the free market system. But notice how quickly the bailout came for the very culprits who made the bad if not crooked decisions, and how slowly efforts are moving to help the people who for whatever reason will lose their homes.

    Favorite    Flag as abusive Posted 09:07 AM on 03/25/2008
- KQuark See Profile I'm a Fan of KQuark

Sorry for the triple posting there is some type of problem on HuffPo.

    Favorite    Flag as abusive Posted 03:26 AM on 03/25/2008
- pennyfortheguy See Profile I'm a Fan of pennyfortheguy

your message bears repeating. and the 'Post is so very Fubar lately

    Favorite    Flag as abusive Posted 06:39 AM on 03/25/2008
- KQuark See Profile I'm a Fan of KQuark

I don't really care about Wall Street losing jobs when they've been taking jobs from the middle class for years.

    Favorite    Flag as abusive Posted 03:05 AM on 03/25/2008
- AdultFilmLegend See Profile I'm a Fan of AdultFilmLegend

20,000 jobs on Wall Street and 2,000,000 on Main Street.

    Favorite    Flag as abusive Posted 03:03 AM on 03/25/2008
- KQuark See Profile I'm a Fan of KQuark

I don't care at all about Wall Street jobs since they are some of the same people that have been raping the middle class.

    Favorite    Flag as abusive Posted 02:48 AM on 03/25/2008
- Gatormouth See Profile I'm a Fan of Gatormouth

Wall Street probably just wants to move its operation closer to it's investors. Dubai or Shanghai, maybe.

    Favorite    Flag as abusive Posted 12:12 AM on 03/25/2008
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