New York City NYC Layoffs Job Cut: may fire 23000 employees: Finance Trading Times

New York City NYC Layoffs Job Cut: may fire 23000 employees

After hundreds of companies and corporations going for massive layoff schemes, its now the turn of the big apple to get into the mode. New York City NYC, which has been dependent heavily on the income from taxes from the Wall Street established banks has may have to decide to go for a big New York City NYC Lay offs or New York City NYC Job Cuts. It was in the month of September 2008, when we had reported the posibilities of New York City NYC Layoffs and unfortunately the situation is worsening. The economic crisis is hitting all sectors. It is learnt that these layoffs are being done because of the loss of revenue from the Wall street banks based in New York City, which have been the primary source of income to the NYC. New York City NYC Layoffs

How many employees may be fired by New York City NYC layoffs?
The news is that around 23,000 employees may be asked to leave their jobs at New York City NYC.

How many employees does New York City NYC have?
No information is available with the website about the total no. of NYC employees.

Which departments will be affected by the New York City NYC Layoffs?
The public school system would suffer. If new aid does not come from the state, 14,000 teachers could lose their jobs. Most of the remaining 9,000 positions would be lost through attrition and about 1,000 layoffs.

How much savings can be made by New York City NYC Layoffs?
Around 1 billion USD can be saved by the firing of 23000 employees.

When will the New York City NYC layoffs happen
No information is available about the dates of NYC layoffs.

What are the primary reasons of New York City NYC Layoffs
The worsening global economy means that there is a decline in sales and businesses and hence loss of revenue for NYC from the Wall Street Banks. THere is a budget deficit of 4 billion dollars which the NYC has to make up for and that is the primary cause of the layoffs.

Any other news about New York City NYC?
As per CNN, "We had prepared for a downturn, but I think it's safe to say nobody prepared for the severity of the downturn that we have been experiencing," said Bloomberg.
There is also a proposal to raise sales tax. The tax hikes could raise an estimated $900 million, Bloomberg said, but that may be "nowhere near adequate," depending on the aid the city gets from the state and federal governments. He said he is hoping to get some concessions from city labor unions and aid from the state and federal governments totaling $2 billion.

The city will also save nearly $1 billion by cutting services and taking other actions. Reductions will be felt in the fire and police departments and at senior centers, among other areas. Some parking meter rates will increase, and the city will increase health code enforcement at "unsanitary restaurants."

The city has been hard hit by the recession because its economy depends heavily on Wall Street profits. The financial sector was rocked by the credit crisis, which led to the collapse of major investment houses and the loss of jobs.

Bloomberg said Friday that the city was expected to lose 46,000 Wall Street jobs by the second quarter of 2010.
Cash bonuses paid to city employees of Wall Street firms plunged by 44% in 2008 to $18.4 billion, down from $32.9 billion paid in 2007, according to an estimate released earlier this week by State Comptroller Thomas P. DiNapoli.

"The securities industry has already lost tens of thousands of jobs and the industry is still continuing to write off toxic assets. It's painfully obvious that 2009 will probably be another difficult year for the industry," DiNapoli said.

The loss in Wall Street bonus cash was estimated to cost the city $275 million in taxes, according to the controller's office. Before the financial crisis, 12% of the city's tax revenue came from business and personal income tax collections from Wall Street.
Let's hope that alternative jobs are available to the affected employees of New York City NYC Layoffs Job Cut.
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