www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

   

Wall Street may cut 20,000 jobs over 2 years

(Agencies)
Updated: 2008-03-25 10:43

NEW YORK - 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.

A street sign on Wall Street outside the New York Stock Exchange in New York April 18, 2007. [Agencies] 

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.

Banks and brokerages account for almost 35 percent of all salaries and wages in New York City. Fallout from investments in the risky subprime mortgage market has forced Wall Street banks to write-down more than $150 billion -- and more red ink is expected.

"The economic situation is particularly precarious. If the problems affecting Wall Street and housing worsen, the recession will be deeper and the fiscal pressures on the city will quickly mount," said Ronnie Lowenstein, director of the Independent Budget Office.

Special coverage:
Subprime Crisis Aftermath
Related readings:
 Citigroup to shrink troubled US mortgage business
 
Fed chief: Mortgage crisis to continue
 Bush: US economy in tough time
 Analysis: Sharp job drop suggests US economy in recession
 US economy skids to near halt
 
Lowenstein said the projections do not include any impact from the buyout of Bear Stearns & Co Inc by JPMorgan Chase. JPMorgan agreed to buy Bear, which until recently had been the fifth-biggest Wall Street investment bank, after Bear collapsed 10 days ago because large subprime losses and failing confidence in the firm prompted a run on the bank.

Wall Street's profits in 2008, however, are expected to double to $6.6 billion and rise again in 2009 to $12.2 billion, the agency said.

The bulk of Wall Street's job cuts, meanwhile, are expected to occur this year, with an estimated reduction of 12,600, followed by 7,600 cuts next year, the report said.

Bear Stearns, whose work force of 14,000 includes about 8,000 employees in the city, is widely expected to make extensive job cuts. CNBC, citing unnamed news sources, has said that JPMorgan expects to cut about half of Bear's total work force.

Cuts on Wall Street have a ripple effect, because each financial industry job can create two to three positions in other sectors, from legal to leisure. Private employers may cut 8,000 jobs this year but still hire 9,100 other workers, the report said.

One gauge economists monitor shows that banks and brokers, whose salaries average more than $200,000 a year without counting bonuses, are already feeling the pinch.

   1 2   


Top World News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
主站蜘蛛池模板: 97在线视频精品 | 免费亚洲网站 | 男人天堂男人天堂 | 视频二区 中文字幕 欧美 | 一级片网站在线观看 | 精品国产综合成人亚洲区 | 亚洲高清国产拍精品影院 | 国产成人高清精品免费软件 | 美美女高清毛片视频黄的一免费 | 午夜日韩 | 久久精品国产一区二区 | 国产精品一区亚洲一区天堂 | 久久久亚洲天堂 | 五月色一区二区亚洲小说 | 国产成人99久久亚洲综合精品 | 国产亚洲精品久久麻豆 | 99在线播放 | 一级做a爰片性色毛片中国 一级做a爰性色毛片 | 一区二区三区中文国产亚洲 | 香港一级纯黄大片 | 免费视频观看在线www日本 | 国产精品亚洲成在人线 | 亚洲国产精品久久人人爱 | 99re久久精品国产首页2020 | 欧美日本一区二区 | 性视频福利在线看 | 性生大片一级毛片免费观看 | 欧美日本视频一区 | 国产精品亚洲专区一区 | 一区二区亚洲精品 | 男女国产一级毛片 | 日韩中文字幕在线观看 | 国内精品久久影视 | 国产高清a毛片在线看 | 欧美不卡视频在线观看 | 男人和女人在床做黄的网站 | 亚洲成人中文 | 欧美精品在欧美一区二区 | 性生大片一级毛片免费观看 | 欧美一级高清免费播放 | 欧美精品毛片 |