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Executives recruiters are estimating that total lay-offs at major Wall St firms could rise to 175,000 or more.
Bloomberg writes that "As more employees are fired, workforce reductions may exceed those from the market slump of 2000 to 2003 when technology-related shares collapsed, recruiters said."
Such a large number of lay-offs would effect the tax bases in NYC, NY State, and at the federal level. Many of these workers are highly paid, so firings at the 200,000 person level could easily equal more than 500,000 jobs in other sectors.
Douglas A. McIntyre
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