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SaltWire's Atlantic regional weather forecast for October 12, 2023 | SaltWire - Wall Street bonuses could fall 16% this year as interest rates possibly staying higher for longer threatens the performance of financial companies, according to New York State Comptroller Thomas DiNapoli.
The Federal Reserve is tiptoeing towards the end of its tightening cycle, though rate cuts in 2024 are expected to be fewer than previously expected as the central bank seeks to rein in inflation closer to its 2% target. Securities firms in New York City are on pace to add 4,300 jobs in 2023 to take the total to over 195,000, more than 2% higher than at the end of last year, DiNapoli said, while cautioning it"remains to be seen" whether the companies would retain staff as profits normalise following the pandemic-era boom.
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