Comptroller Says N.Y. Could Lose 250,000 Jobs

Wall Street's financial crisis and poor economy to cause massive job losses

New York Comptroller Thomas DiNapoli says the financial crisis gripping Wall Street and the world economy could cost the state and New York City 225,000 jobs over the next two years.

DiNapoli says instability in the securities industry could also cost the state and city $6.5 billion in tax revenue during that same period.

The report issued Monday suggests the city and state may need a federal bailout despite the efforts of Gov. David Paterson and New York City Mayor Michael Bloomberg to close budget deficits.

DiNapoli says the financial industry in New York City has already lost more than 16,000 jobs and could lose a total of 38,000 jobs by next October.

Copyright AP - Associated Press
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