Yesterday was another watershed day for New York and for American financial capitalism. Read More
Tag: Wall Street
From Comptroller Thomas DiNapoli's new on the financial meltdown's economic impact on New York, there's this chart comparing the drop in Wall Street jobs during the "current downturn" (dated back to the summer of 2007) to losses following the crash Read More
Goldman Sachs surprised hardly anyone when it announced that its top seven execs would take no bonuses this year. UBS followed suit a day later. But top executives aren't the real bonus worry. Read More
In a column today, Times columnist David Brooks contrasts the auto sector with the financial sector. The column illustrates why the recovery of the financial sector will be less straightforward and more difficult than the recovery of any oth Read More
The Wall Street Journal has run my op-ed on the risks New York City faces in its approach to fiscal and economic problems. The thesis is that the city's main economic engine -- Wall Street and the financial-services industry -- cold be at th Read More
Today, Mayor Bloomberg held his mid-year budget update at City Hall. Here is the big picture: The mayor is still planning for a severe but temporary downturn in revenues. But there's a very real risk -- one that went unmentioned by the mayor Read More
Technology giant Sun Microsystems reported yesterday that its tech sales to the northeastern United States' financial industry were down 20 percent last quarter compared to the same period a year earlier, the Journal reports. The financial Read More
Forecasters at the Centre for Economics and Business Research in London think that securities-industry bonuses there will plummet 60 percent this winter. London bankers reaped the equivalent of $17 billion in bonuses in 2006, the peak year; in New Read More