January 30, 2009 / 6:30 PM / 11 years ago

Wall Street job losses may hit 46,000 by 2010: mayor

NEW YORK (Reuters) - Wall Street’s losses could total $60 billion to $70 billion, including the staggering $47 billion these companies lost in the last two years, and 46,000 financial workers might lose their jobs by the second quarter of 2010, Mayor Michael Bloomberg forecast on Friday.

The mayor, faced with closing the city’s $4 billion deficit in an election year, stressed the pain that the lynchpin industry is inflicting.

The city economy as a whole could lose 300,000 jobs and if the current 30 percent drop in the pension fund’s assets continues, the city will have to contribute an extra $11 billion through fiscal 2016.

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