12/28/2011 09:21 am ET

Wall Street's Reduced Profitability Shows Regulations Are Working

Wall Street reported nearly $3 billion in losses in the third quarter of 2011, reducing profits through September to $9.6 billion, which was well below forecasts, according to a recent analysis by the New York State comptroller. The comptroller estimates that Wall Street banks and smaller brokerages may cut some 10,000 jobs in New York City by the end of 2012.

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