The New York City news has recently estimated that the bonuses of Wall Street fell by 25 percent in the year 2011. The industry had expected a greater reduction in the bonuses, but the bonus reduction blow of Wall Street was a less severe one.
Still, the economy might be thrashed with a blow inflicted upon New York State and New York City. As a result the employees of the security industries will have a plunge in their salary which will range between 30 and 40 per cent.
The forecast was 13% decline but it resulted to be double the estimation and that is approximately $121, 150 per head. A very steep drop has been observed in the profits of Wall St firms which is $10.5 billion from $27.6 billion. This firm is reported to be shedding 4,300 jobs and the wages will drop down by 7.5% (including bonuses). This resulted in job creation in different industrial sectors.
As per the news the debt problems of Europe is also a challenge for the Wall St and in spite of this loss the economy of New York City has supplemented back to the 139,800 job lost during the recession by 64%. The unemployment has also shown some improvement which will help to collect the city to collect revenue of nearly $230 in the fiscal year. But the loss of the Wall St will cut down the tax revenue that was made in December and it was about%460 million and targeted to $630 billion for the year 2014.
Still it is expected that the up growing companies in New York would stay stable and help in supporting the Economy of the City of New York.