(Bloomberg) -- Wall Street has contributed less than 2% of New York Citys job growth since the recession ended as cost-cutting efforts have led banks to replace fewer positions than other businesses.
The securities industry has recovered about one-fifth of jobs lost during the slump, New York State Comptroller Thomas P. DiNapoli said in a statement today laying out his analysis of the citys budget. The industry had $6.6 billion in profits in the first quarter, almost half of the citys estimate for the full year.
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