Citing figures that put 2008 on pace to be "one of the worst years ever" for Wall Street, DiNapoli says in a statement, "These numbers are translating into job losses. The securities industry in New York City has lost more than 16,000 jobs and the industry could lose a total of 38,000 jobs by next October, with another 10,000 jobs lost in banking, insurance and real estate. And those job losses translate into more job losses in other industries."

The report points to the "multiplier effect" that financial sector job losses have on employment in other industries. DiNapoli estimates that for each financial sector job lost, two more jobs will be lost in other industries in New York City and 1.3 jobs will be lost elsewhere in the state.

Tax collections, including personal income and business taxes, from Wall Street-related activities could drop by $4.5 billion for New York State and $2 billion for New York City by 2010, the report states. Before the current crisis, the securities industry accounted for 5% of the city's employment but nearly 25% of the wages, according to the report, which points out that the average Wall Street salary of nearly $400,000 per year is 6.8 times that of non-financial jobs in the city.