New York City's Independent Budget Office estimates that the city could lose over 20,000 jobs in the financial sector over the next two years as the mortgage credit crisis squeezes Wall Street profits. New York Stock Exchange member firms that conduct business with the public reported a fourth-quarter 2007 after-tax loss of $10.64 billion, compared with a $4.92 billion after-tax profit in the year-ago quarter, according to the NYSE.
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