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New York

City braces for more job cuts 

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New York City is bracing itself for more job cuts at Wall Street firms, following the collapse of Bear Stearns and the credit crunch. While economic slumps are nothing new, the city is more reliant than ever on the financial service sector: the industry accounted for almost a third of all wages earned in the city last year, a modern high. Following Bear Stearns’ sale to JPMorgan Chase, many of the firm’s 14,000 workers could be cut. UBS analyst Glenn Schorr said big banks have already cut 5 to 10 percent of their staffs, and could make similar-sized cuts again over the next few months.