BUSINESS
03/21/2009 05:12 am ET Updated May 25, 2011

NYC Mayor Bloomberg: Wall Street's Unemployed To Be Retrained

Just as Michigan is scrambling to retrain laid-off auto workers, New York City officials have come up with a plan to find new work for the unemployed of its core industry: investment banking.

Under a program Mayor Michael R. Bloomberg unveiled on Wednesday, the city wants to invest $45 million in government money to retrain investment bankers, traders and others who have lost jobs on Wall Street, as well as provide seed capital and office space for new businesses those laid-off bankers might create.

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