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

November 10, 2021, 3:31 PM UTC

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

That was the highest share of any industry surveyed, according to a statement Wednesday. Overall, 13% 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% 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% that were back when the Partnership last conducted its survey in August, when employers forecast that 41% 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 neighborhoods 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. 

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