For New York, it’s not paying (anymore) to be home to the smartest guys in the room.

Since its credit-bubble peak, the securities industry has cut 3.1 percent of its jobs nationwide, according to the Securities Industry and Financial Markets Association, adding up to 27,200 total layoffs.

Of the total cuts, New York City and State have lost a disproportionate number of jobs. Getting more than our “fair share” here reflects how the Wall Street meltdown has obliterated the highest-paying, fanciest jobs more than it has boring old asset-management jobs and the like, which are more dispersed nationwide.

Since its own credit-bubble peak, the Empire State has lost 8.4 percent of its securities-industry jobs, or 17,900 jobs.

New York City has lost 11.3 percent of its securities-industry jobs, or 21,700. (These city job losses obviously overlap with the state figures, so shouldn’t be added together.)

With these losses, New York is resuming a downward trend in its percentage of the nation’s securities jobs. In the early 90s, New York had about one-third of such jobs; the share had fallen to about 22 percent by the early 2000s, but then stopped its slide. That share starting falling again about a year ago, though, and now New York is home to about 20 percent of the nation’s securities jobs.

Fiscal analysts commonly estimate that every local Wall Street job lost means an additional two jobs lost in the city and one more in the region.