The Partnership for New York City, the main advocacy group for the financial industry and major real estate owners in the city, has a less than rosy outlook for the New York City economy, particularly for the banks.
An excerpt from the prepared testimony of Kathy Wylde, the group's president, at an Assembly hearing today:
"[T]he next two or three years will be rough going. The financial services industry will never again look as it did in 2007. We will not see the return of the large, highly leveraged investment banking businesses that generated outsized profits and bonuses. The numbers of people employed in securities will be permanently down, probably by 25-50 percent from a high of 192,000 in 2007."
Of course, not all of Ms. Wylde's testimony was doom and gloom. But a 25 to 50 percent decline in securities employees? Yikes. read more »