New York City and state continue to lose Wall Street jobs in disproportionate numbers compared to the rest of the country.

In the first quarter, the nation’s securities industry lost 3.4 percent of its jobs, the Securities Industry and Financial Markets Association, citing Department of Labor data, tells us. In New York state, the job loss was 6 percent. In New York City, the job loss was 5.1 percent.

The data show that New York’s trend of gaining a larger share of the nation’s securities jobs starting in the mid-2000s, after the city had lost a huge share from the Seventies until the Nineties, has once again reversed itself.

In 1973, New York City had 40.9 percent of the nation’s securities jobs. by 2000, that figure had been cut in half, to 20.7 percent.

But as the Wall Street of the 2000s required much more highly educated (although not necessarily so commonsensical!) people to work in close proximity to each other, rather than armies of back-office workers too expensive to warehouse in New York, New York started to gain again.

The year 2000 was the low; by 2007, New York City was back up to 22 percent of the nation’s securities jobs.

Now, it’s back down to 20.8 percent — close to that 2000 trough.

And there’s no sign that our job losses are almost over. In fact, as of March, the trend of job losses was still accelerating; in March, New York City had lost 9 percent of its jobs compared to March 2008, a increase from the 8 percent loss rate seen in February, 7.6 percent in January, 5.7 percent in December (and 3 percent in September, the month Lehman collapsed).

New York has now lost 11.8 percent of its securities industry jobs since this particular job cycle’s peak, in August 2007.

Between 2000 and 2003, for comparison, the industry lost 18.7 percent of its jobs. But it never did regain that 2000 peak.

And back then, at this point (time-wise) in the cycle, the worst of the job losses were pretty much over. This time, they’re still gaining speed.

You may also like

The Health Department’s response to a FOIL request for nursing home data triggers 2020 déjà vu

Despite Governor Hochul's promise of transparency, the Health Department keeps responding to requests for COVID data with tactics from the Cuomo administration Read More

How Are the Billions in Emergency Aid to New York Being Spent?

A new  posted yesterday on the Comptroller’s website could become the lens through which New Yorkers see how tens of billions of dollars in one-shot federal funding is being spent by governm Read More

Hochul’s Emergency Order Imposes Insurer Restrictions Sought by Hospital Group

Buried in Governor Hochul's emergency order on health-care staffing is a temporary bar against insurance companies challenging claims submitted by hospitals–and an influential hospital association is taking credit. Read More

Home Care Agencies Project Widespread Staffing Shortages in the Next Phase of New York’s Vaccine Mandate

Agencies providing home-based care to elderly and disabled New Yorkers face a large-scale loss of employees when the next phase of the state's vaccine mandate takes effect on Oct. 7, according to a newly released industry s Read More

Remembering the scandal that brought down Health Commissioner Howard Zucker

The resignation of Dr. Howard Zucker as state health commissioner marks the end of a term marred by scandal over his role in managing the coronavirus pandemic. The much-debated compelling nursing homes to admit COVID-positive patients, though it origi Read More

As leaves turn, NY’s post-pandemic recovery still has very far to go

Entering the second autumn since the COVID-19 outbreak of March 2020, the pace of New York State's pandemic economic recovery has been abysmal by almost any standard. New York was the national epicenter of the pandemic, and Governor Cuomo's "" business Read More

More NY job gains in August—but employment needs to rise a lot further

New York's jobs report for August looked relatively strong—but only by comparison, that is, with . On a seasonally adjusted basis, New York gained 28,000 private-sector jobs last month—a growth rate of 0.4 percent, according to . This was double th Read More

Projected PIT Haul Brightens State Budget Office’s Fiscal Forecast 

Stronger than expected tax payments this spring led the Governor’s Division of the Budget (DOB) to increase its personal income tax (PIT) revenue projections for the next four years by $8.5 billion above its April pr Read More


Sign up to receive updates about Empire Center research, news and events in your email.


Empire Center for Public Policy
30 South Pearl St.
Suite 1210
Albany, NY 12207

Phone: 518-434-3100

General Inquiries:

Press Inquiries:


The Empire Center is an independent, non-partisan, non-profit think tank located in Albany, New York. Our mission is to make New York a better place to live and work by promoting public policy reforms grounded in free-market principles, personal responsibility, and the ideals of effective and accountable government.

Empire Center Logo Enjoying our work? Sign up for email alerts on our latest news and research.
Together, we can make New York a better place to live and work!