You are here: Home » International » News » Economy
Business Standard

Wall Street warns it will cut NYC workforce in the next five years

Overall, 13 per cent of employers in the city expect to reduce their workforces in coming years

Topics
New York | job sector | United States

Jennifer Surane | Bloomberg 

Wall Street, US stocks, S&P, Dow Jones
Just 28 per cent of the city’s one million office workers are back on an average weekday, according to the October survey

Almost a quarter of financial-services firms are planning to cut their workforce in City in the next five years, according to a survey by the Partnership for City.

That was the highest share of any industry surveyed, according to a statement Wednesday. Overall, 13 per cent of employers in the city expect to reduce their workforces in coming years, while roughly a third said their need for office space will decline.

Just 28 per cent of the city’s one million office workers are back on an average weekday, according to the October survey. That’s still an improvement from the 23 per cent that were back when the Partnership last conducted its survey in August, when employers forecast that 41 per cent of their workers would return by the end of September.

Employers surveyed last month expect about half their staff will be in the office on an average weekday by the end of January. The slow reopening of workplaces in the city has hindered economic growth, especially in neighbourhoods that are home to some of the city’s tallest skyscrapers and office towers. As the delta variant surged across communities earlier this year, it disrupted many companies’ plans for bringing staff back.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, November 11 2021. 00:24 IST
RECOMMENDED FOR YOU
.