Wall Street's bonuses were estimated on Monday to have fallen nearly 25 percent in 2011 by a New York City fiscal watchdog, almost twice what the state comptroller forecast last week.
Similarly, profits earned by Wall Street firms were only estimated at $10.5 billion in 2011 — versus the comptroller's forecast that they would not top $13.5 billion — by the New York City Independent Budget Office.
Wall Street, which powers the economies of New York City and New York state, is expected to shed 4,300 jobs in 2012, while wages, including bonuses, will fall 7.5 percent, the Independent Budget Office said in a statement.
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