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The global financial crisis could lead to 225,000 jobs lost in the next two years in New York state, according to a report by the state comptroller. In addition, the report warns of the loss of $6.5 billion in securities industry-related tax revenue over the same period.

 

In light of widespread consolidation and downsizing in the financial services industry, the report also forecast a steep decline in Wall Street bonuses.

 

State Comptroller Thomas DiNapoli characterized Wall Street

 as “the engine that drives the economies of New York state and New York city.”

 

Over the past year, the securities industry in New York City has lost 16,300 jobs. DiNapoli predicts that the securities industry could lose 38,000 jobs by October 2009, and another 10,000 could be lost in banking, insurance and real estate.

 

The Comptroller's office estimates that total private sector job losses could reach 175,000 in New York City, but losses could be greater if the economic downturn is deeper and longer than currently forecast.

 

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