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/ 26 March 2008

More than 20 000 Wall Street jobs at risk

More than 20 000 people are forecast to lose their jobs on Wall Street as the credit crunch bites into business at financial institutions over the next two years. New York’s Independent Budget Office, a non-partisan agency which scrutinises the city’s finances, estimates that profits on Wall Street fell by 80% during 2007 to ,2-billion — the lowest level since 1994.