Wall Street could experience an additional 10,000 job losses by the end of 2012, according to The New York Times.
This would bring the sector's layoffs to 32,000 since 2008, owing in part to the sovereign debt crisis and bank failures in Europe.
New York State comptroller Thomas DiNapoli said, "It now seems likely that profits will fall sharply, job losses will continue and bonuses will be smaller than last year. As we know, when Wall Street slows, New York City and New York State's budgets feel the impact, and that is a concern."
The Times reports that NYSE member firms' broker and dealer operations reported pretax profit dropped by 18 percent to $27.6 billion in 2010. The comptroller estimates that NYSE member firms may not even hit $18 billion in 2011, while earnings are expected to rise to $20 billion in 2012.
Industry salaries in the city grew 16.1 percent to $361,330 in 2010 - six times the average salary for the rest of the private sector. In 1981, the average salary in the securities industry was twice that of the rest of the private sector.
Wall Street banks have become full-time headhunters for their hedge fund clients, a role rife with potential conflicts. [DealBook]
Venture capital firms raised $1.72 billion in the third quarter, the lowest level since 2003. [Thomson Reuters]
Carlyle and Blackstone have teamed up to look at Morgan Keegan and compete with Thomas H Lee, the private equity group, to buy the brokerage unit of Regions Financial. [Financial Times]
A Sanford C. Bernstein analyst says fixed-income revenue at Wall Street firms could shrink by 25 percent on the Volcker Rule. [Bloomberg]
The 2008 class of MBAs is making career headway. [Bloomberg]
BNY Mellon fraud cases raises questions on marketing practices. [NYTimes]
Citigroup stopped soliciting retail banking clients in Japan as it awaits the outcome of a government investigation into its compliance with local rules. [BusinessWeek]
HSBC expects Asia's trade volume to double to $14 trillion by 2025. [Reuters]
Australia & New Zealand Banking Group, the worst performer among Australia's four largest banking stocks, will limit wage gains for 900 top executives to 1 percent. [Bloomberg]
Broker-dealer and clearing operation Sterne Agee agreed to buy Anderson & Strudwick, which has 100 representatives. [Investment News]
Bank of America will reimburse employees with same-sex partners for the extra taxes they pay on domestic partner health insurance. [NYTimes]
The NYSE's Web site experienced a brief period of slowness Monday afternoon, on the same day that a hacker group called for an attack against the site. [WSJ]
Marchers protesting the financial industry took to Chicago streets Monday. [Reuters]
Wells Fargo increased a stake in Charlotte, N.C. based Golden Capital Management to 65 percent. [Bloomberg]