After a bankruptcy filing by Lehman Brothers and the surprise sale of Merrill Lynch to Bank of America, job losses on Wall Street could jump another 10,000 from the already 25,000 layoffs this year. While Wall Street provides just 1 of every 20 jobs in Manhattan, it accounts for nearly one-fourth of wages, and has a significant and direct impact on New York City and State budgets, as well as the New Jersey State budget. Concerns over the economy as a whole, construction, retail sales, restaurants, services, and other industries also arise as pivotal income from the financial sector plummets.
See "City and State Brace for Greater Demands on Diminishing Resources", Patrick McGeehan, The New York Times, September 15, 2008