DiNapoli added that as the state depends heavily on Wall Street for tax revenues it may need a 'federal assistance' to make situation right. The report predicts 48,000 job cuts in New York city's financial services sector, of which 38,000 would be in the securities industry. The finance sector is so central to the area's economy that every Wall Street job supports two additional jobs in other fields in the city and another 1.3 elsewhere in the state.
Wall Street was the main source of income New York government before the crisis, which saw the collapse of major banks and wiping out of trillions of dollars. The securities industry accounted for just five per cent of New York city jobs, but 25 per cent of income.