With the city comptroller’s office now projecting a loss of 35,000 jobs in New York-based investment banking and other financial services occupations, what’s the next thing that will drive profits and employment in a Wall Street recovery? In a recent Bloomberg Radio “On the Economy” podcast, private investor David Goldman gave this answer:
There isn’t any next thing. This is the end of a cycle. Wall Street employed some of the brightest people in the world to find clever ways to sneak leverage in under the door, or through the transom, in order to make thin returns look like fat returns. There simply isn’t any demand for that now, so you’re going to have legions of people who were very gainfully employed doing this finding fulfillment in organic farming and other pursuits.
Podcast: Play in new window | Download
Subscribe: RSS
You may also like
At mid-year, NY still far below most states in pandemic jobs recovery
New York has added private-sector jobs in all but three of the 38 months since the COVID-19 outbreak of March 2020—but the Empire State remains below its pre-pandemic employment level and continues to trail the national recovery.
On a seasonally adju Read More
At end of ’22, NY still near bottom in pandemic recovery
The more time passes since the spring 2020 Covid-19 outbreak, the more New York stands out among all states for the weakness of its post-pandemic employment recovery.
As of December, seasonally adjusted private employment in New York was still nearly 2 Read More
As leaves turn, NY’s post-pandemic recovery still has very far to go
New York was the national epicenter of the pandemic, and Governor Cuomo's "New York State on PAUSE" business shutdowns and other restrictions led, in short order, to the loss of nearly 2 million jobs in the first full month after the infection began spreading in the New York City area. 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 what was generally regarded as a disappointing national number. On a seasonally adjusted basis, New York gained 28,000 private-sector jobs last month—a growth rate of 0.4 percent, according to preliminary monthly estimates from the state Labor Department. Read More
NY Post-Pandemic Employment Tide Stopped Rising At Year’s End
New York's post-pandemic employment recovery came to a halt and moved into reverse in December, according to the state's for the final month of COVID-wracked 2020.
Private payroll employment in December was 966,000 jobs below the level of the previous Read More
Fewer Workers, Not More Jobs, Explains NY’s September Unemployment Rate Drop
New York State's unemployment rate has fallen sharply since the economically devastating pandemic lockdown last spring. But as state Comptroller Thomas DiNapoli points out in his latest economic report, the jobless rate doesn't tell the whole story. Read More
It’s Official: New York State’s Second Quarter Economic Crash Was the Worst on Record
Further evidence of the massive damage done to New York’s economy by the coronavirus pandemic shutdown has emerged in the latest gross domestic product (GDP) data from the federal Commerce Department's Bureau of Economic Affairs. Read More
Sluggish Reopening: NY’s Private Job Count Down 1.1 Million From Pre-Pandemic Level
Six months into the novel coronavirus pandemic, New York State's private-sector employment recovery was the slowest in the 48 contiguous states—and getting slower. Read More