New York City’s Wall Street financial district lost 3,100 workers in March. The state’s Department of Labor says just 169,200 employees remain at the heart of the nation’s financial industry. Unemployment rates in both New York City and New York State were unchanged in March, at 8.1% and 7.8%, respectively. But the Bronx by itself has a [...]
Continue reading...Friday, January 30, 2009
New York City Mayor Michael Bloomberg’s executive budget, released today, shows a $4 billion deficit for 2010, a huge fiscal gap that he proposed addressing with a city sales tax hike and more than 20,000 job cuts. The mayor painted a bleak economic picture, saying Wall Street firms are expected to lose $47.2 billion in 2008 [...]
Continue reading...Tuesday, January 27, 2009
Drug Company Pfizer has a $68 billion plan to buy out Wyeth, another big drug company. Some think the merger is exactly what Wall Street needs. However, in addition to its potential healing effects on wall street, it is likely to negatively effect the New York region, as it will probably result in thousands of layoffs [...]
Continue reading...Wednesday, January 21, 2009
New Jersey could lose as many as 20% of its securities industry jobs as the recession deepens, and many residents also could lose their jobs at New York City banks and brokerages, according to a Rutgers University report. The report estimates that in 2009, New Jersey could lose one-fifth of the securities jobs it had in [...]
Continue reading...Tuesday, January 20, 2009
Today, IBM Corp. announced higher than expected earnings. Although, the strong dollar’s impact kept overseas sales revenue below forecasts. The glimmer of good news came when IBM announced that for all of 2008, the company reported earnings per share of $8.93 and revenue of $104.75 billion. Analyst were expecting 2008 earnings per share of $8.69 and [...]
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Thursday, April 16, 2009
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