Wall Street crisis threatens 225,000 New York jobs

As many as 225,000 jobs could be lost in New York city and state due to the Wall Street crisis, state comptroller Thomas DiNapoli has said. The report predicts 48,000 job cuts in New York city's financial services sector, 38,000 of them in the securities industry, the ET reports.

It is the time of global crisis and US is the worse hit not doubt in that. This is very hard time for the economy, as there will be job cuts despite cost cut measures. by companies. The global crisis debacle the world economy. Countries have been adopting measures to minimise the damage due to the global crisis and the job cuts by companies would be big measure.

The job cuts in US will have big impact on India outsourcing too. Earlier it was speculated that the India outsourcing sector would not be hurt due to the global crisis. But the present scenario in US might be alarming the outsourcing units in India. Even the news about job cuts reported in India, but the not as the bulk as reported in US.