• London’s financial-services industry to lose 42k jobs, about 10% of the total, according to the City of London Corp, the municipality for the U.K. capital’s main financial district.
  • New York metropolitan area is forecast to lose 64k positions, or 13.5% percent, 2Q10, according Economy.com.

Economy.com to increased the forecast for job losses in the New York area by 6.6 percent following the consolidation of Merrill and the closure of Lehman.

“Pay packages for employees who keep their jobs may fall as much as 50 percent,” —Gavin Rankin, a managing director in London for Smart Cube, a financial services research firm.

Manhattan Real Estate

  • The median apartment price in the area has risen an average of $54,375 a year since 1995, reaching a record $1.03 million in the second quarter.
  • 2Q08 – Sales: down 22%, more than any second quarter since 1998, and
  • 2Q08 – Inventory: at an eight-year high

“Prices may be poised to fall…I think it’s already happening. You’re removing high-income-producing individuals, at least temporarily, from the economy or from purchasing new homes.”

—Jonathan Miller, president of Miller Samuel Inc.