04/01/2008 05:12 am ET Updated May 25, 2011

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

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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