NY comptroller warns of weakness on Wall Street
NEW YORK (AP) — New York state's comptroller says Wall Street is again losing jobs because of global economic woes, threatening tax revenue for a city and state heavily reliant on the financial industry.
Comptroller Thomas DiNapoli says that after adding almost 10,000 jobs between January 2010 and this April, the industry shed about 4,000 jobs through August and could lose nearly 10,000 more by the end of 2012.
He said Tuesday that profits at New York Stock Exchange firms declined sharply in the second quarter and are likely to reach $18 billion for the year, a third less than in 2010.
Securities activities drove 14 percent of state tax revenue and 7 percent of New York City's last year. DiNapoli warns current and future collections are likely to fall short because of the weakness.