>Massive Wall Street job cuts may affect New Jersey’s economy
WEDNESDAY, OCTOBER 12, 2011
BY RICHARD NEWMAN
STAFF WRITER
THE RECOR
New York State Comptroller Thomas P. DiNapoli said on Tuesday that he expects Wall Street to cut nearly 10,000 more jobs by the end of the year and pay less in bonuses, a blow to the tax coffers of New York City and State. Securities-related activities accounted for 14 percent of New York State’s tax revenue last year.
The industry contributes less to New Jersey’s tax base, however, and the jobs and pay cuts are “not a major risk factor” for tax revenue, said Charles Steindel, the state Treasury Department’s chief economist.
“The wages and salaries paid by the financial industry in New Jersey are about 8 percent or 8.5 percent, and that’s pretty close to the national norm,” he said. “It’s not as critical an industry to the state of New Jersey as it is to New York. “
Still, economists said on Tuesday that bad news for Wall Street is usually bad news for New Jersey, which is home to many stock and bond brokers, accountants and financial analysts who commute to New York from towns like Ridgewood and Franklin Lakes.
https://www.northjersey.com/news/131573298_Wall_St__firms_in_a_squeeze.html
