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Article: Cuts in Wall Street Bonuses to Weigh on New York's Economy.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- December 2, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Daniel Dunaief, Daily News, New York Knight Ridder/Tribune Business News
Dec. 2--This year, Wall Street is hurting not only the bank accounts of its high-living execs by cutting bonuses, it's also dealing a financial body blow to the city.
Wall Street firms based in New York, including Goldman Sachs and Morgan Stanley, are expected to make $8 billion in 2002, down from $21 billion in 2000 and $10.4 billion last year, according to city estimates.
That means, economists said, the city will get about $1.3 billion less from Wall Street this year than it did during the market's joy ride of 2000, and about $240 million less than it did last ...