DiNapoli says securities industry prospects have cooled

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Source: Dukascopy
© Dukascopy
Securities industry in New York could lose approximately 10,000 jobs by the end of 2012 and pay out smaller bonuses for the second con-tinuous year amid the debt crisis in Europe, said New York Comptroller Thomas DiNapoli.

“The securities industry had a strong start to 2011, but its prospects have cooled considerably for the second half,” DiNapoli said. “It now seems likely that profits will fall sharply, job losses will continue, and bonuses will be smaller than last year.”

"The banks I talk to are talking about significantly reduced compensation, which comes right out of our tax rolls, and layoffs and down-sizing," said Kathryn Wilde, Partnership for New York City President. "All of the above suggests that there's going to be a real impact on the New York City economy."

“The securities industry had a strong start to 2011, but its prospects have cooled considerably for the second half”
- Thomas DiNapoli, New York Comptroller

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