NY gov sees Wall St losing up to 40,000 jobs
In addition to job cuts on Wall Street, Paterson as many as 120,000 jobs might be cut if positions in service industries that rely on Wall Street are included.
Bankers, brokers and traders earned an average salary and bonus of $340,312 a year in 2006, according to James Brown, a labor market analyst with the state Labor Department.
AIG employs 8,500 people in the state, including 6,000 who work in the city, Paterson said. Merrill Lynch has around 60,000 employees around worldwide, while Lehman Brothers has about 26,000 workers.
Wall Street's job force totaled 181,000 in July, which was down 11,000 from July 2007, Brown said. Employment on Wall Street peaked at 200,300 in December 2000.
Financial sector jobs help create as many as four other positions in services ranging from legal to sales, according to Ross DeVol, director of regional economics, for the Santa Monica, California-based Milken Institute.
The total amount of compensation Wall Street pays is equal to almost 35 percent of all salaries and wages earned in the city, according to city officials.(Additional reporting by Edith Honan, Lilla Zuill and Jon Stempel; Editing by Leslie Adler)
In addition to job cuts on Wall Street, Paterson as many as 120,000 jobs might be cut if positions in service industries that rely on Wall Street are included.
Bankers, brokers and traders earned an average salary and bonus of $340,312 a year in 2006, according to James Brown, a labor market analyst with the state Labor Department.
AIG employs 8,500 people in the state, including 6,000 who work in the city, Paterson said. Merrill Lynch has around 60,000 employees around worldwide, while Lehman Brothers has about 26,000 workers.
Wall Street's job force totaled 181,000 in July, which was down 11,000 from July 2007, Brown said. Employment on Wall Street peaked at 200,300 in December 2000.
Financial sector jobs help create as many as four other positions in services ranging from legal to sales, according to Ross DeVol, director of regional economics, for the Santa Monica, California-based Milken Institute.
The total amount of compensation Wall Street pays is equal to almost 35 percent of all salaries and wages earned in the city, according to city officials.(Additional reporting by Edith Honan, Lilla Zuill and Jon Stempel; Editing by Leslie Adler)
