Comptroller report - Securities Industry in New York

http://www.osc.state.ny.us/osdc/rpt12-2012.pdf

First saw link on Zero Hedge. Interesting stats.

OSC estimates that each job created (or lost) in the securities industry leads to the creation (or loss) of almost two additional jobs in other industries in the City. (The large income losses during the crisis have slightly reduced the value of the multiplier compared with earlier estimates.) OSC also estimates that each new Wall Street job creates one additional job elsewhere in New York State, mostly in the City’s suburbs. Based on these multipliers and the current level of Wall Street employment, 1 in 8 jobs in the City and 1 in 13 jobs in the State are linked (directly or indirectly) to the securities industry.

Since April 2011, the securities industry in New York City has lost 4,100 jobs. The Office of the State Comptroller (OSC) forecasts that the City could lose nearly 10,000 additional jobs by the end of 2012, which would bring total job losses in the securities industry to 32,000 since January 2008. Additional job losses are expected in banking and in other parts of the financial services sector.

In August 2011, the number of securities industry jobs outside of New York City accounted for 11.9 percent of all securities jobs in New York State, the highest share ever. The shift reflects the continued movement of back-office operations out of New York City to lower-cost areas, as well as the growth of disaster preparedness backup facilities following the terrorist attacks of September 11, 2001.