Report: 10,000 Wall Streeters Could Lose Jobs By End of 2012
9:29 am, October 11th | by Amy Tennery
Another 10,000 people in the New York City securities industry are likely to lose their jobs by the end of 2012, according to a new report released today. Of course, that’s just the tip of the iceberg, as far as total job losses are concerned.
Maybe Occupy Wall Street wants to cut these guys some slack? It sounds like they had a bad summer.
In fact, an estimated 32,000 securities workers are expected to have lost their jobs in the four years since the recession began, according to the report, which the New York State Comptroller’s office compiled (and we found at Dealbook). A jaw-dropping 4,000 people in the industry lost their jobs between April and August alone.
Even more depressingly, these job losses occurred even in the “post-recession” era. A New York Times story yesterday pointed out that many economic indicators have actually worsened since “the recession officially ended” in June 2009. Median household income, joblessness… with a recovery like this, who needs a recession?