Wall Street Could Ax 10,000 Jobs

Jin Lee / AP Photo

A pedestrian walks past the New York Stock Exchange on Monday, Aug. 8, 2011 in New York. All signs point to a sharp decline when trading begins in U.S. markets this morning. Overnight, international markets fell amid anxiety over the European debt crisis, Standard & Poor's downgrade of U.S. long-term debt late Friday and concerns about the U.S. economy.

Never mind the protesters. New York’s securities sector could lose 10,000 jobs by the end of next year, according to a new report from the state’s comptroller. Bonuses are likely to be downgraded as well due to lower profits. If the prediction bears out, it would be a 17 percent reduction in Wall Street’s job force and blow to the state’s economy. The comptroller estimates that one in 13 jobs throughout New York—and one in 8 within New York City—depends on Wall Street.