Wall Street Could Lose Another 36,000 Jobs

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The credit crunch and other factors are making things a little uneasy if you have a job on Wall Street.

James Brown, a labor market analyst with New York state’s labor department says that as many as 36,000 jobs on Wall Street could be lost due to the credit crunch and other economic factors.

Brown said “History suggests it’s going to be something of that magnitude.”

Prior to 9-11, 2001 the number of employees on Wall Street was well over 200,000. At the end of last month there were 182,300 employees at banks and brokerages.

The average salary of bankers, brokers and traders was over $340,000 in 2006, so this loss of jobs could severely impact the local economy. The average home in the area is over $900,000 so you can see how this could be bad news for everyone involved.

Hopefully, the bankers and brokers had enough foresight to tuck some of those big money wages away - just in case of a rainy day..

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