Good News: NYC Body Count to Only Reach 25,000
During the Wall Street downturn of 2001-2002 unhappy worker bees who contemplated leaving their jobs were counseled by friends to ride out the storm and keep their seat until things blew over.
That period was brutal as everyone hunkered down, but the NYC comptroller does not think it will be quite as bad this time around. Although it is unlikely to provide little solace for Bear and JP Morgan employees who will soon be handed their walking papers:
New York City’s financial sector might only slice 15,000 to 25,000 jobs in the current downturn, which could prove shorter than the mayor has predicted, the city comptroller said on Thursday.
In contrast, the financial sector that is such a vital part of the city’s economy slashed 40,200 jobs in the previous retreat from 2000 to 2003 that straddled the September 11, 2001 attacks, Comptroller William Thompson said in his report.
The current job-losing cycle began in August 2007 and should run through March 2009, the Democrat added. Reuters
An improvement next spring might be a tad optimistic, but a strong global economy is sure to paper over some on Wall Street’s numerous sins. Idled workers might not want to start blogging, but might be wise to learn Mandarin, which is worth as much as a graduate degree in 2008.
Wall Street jobs cuts may only hit 25,000: report
Reuters
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