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Wall Street could lose 10,000 employees

2011-10-12 13:35:00
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Amid continuing “Occupy Wall Street” protest rallies against corporatism in the United States, a new report indicates that Wall Street itself may lay off as many as 10,000 employees by the end of 2012, Press TV reports.

The report by the Office of the New York City's Comptroller says the number marks a 17% decline in Wall Street workforce, and predicts that the layoffs will have a huge impact on New York's economy.

Widening US protest rallies against the prevalence of top-level corruption, poverty, and social inequality in America, which began in New York, have now spread to nearly 70 cities across the United States.

The members of the “Occupy Wall Street” movement that began protests in September blame Wall Street practices and corporate influence on White House policies for the deepening of US economic crisis.

Meanwhile, some experts suggest protestors may be pointing fingers at the wrong villain.

“The financial sector is always concerned about its image. I think what we're seeing here is really… not a Wall Street problem. I mean the banks have a bad image, the US Congress have a terrible image,” economist Rollin Amore told Press TV.

“I think the protestors, instead of protesting in front of Wall Street, they need to protest in front of the White House, the final policies of this administration, the tax policies, the regulatory policies, the fiscal policies have been terrible,” he added.

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