JPM & Citi lowest Revenue since 08'!

Minimally.

This does not sound "Minimally" to me.

U.S. banks’ revenue growth in 2011 was probably the slowest since the Great Depression and is unlikely to improve in 2012, Mike Mayo, an analyst at CLSA Ltd., said on Bloomberg Television last month. JPMorgan, the nation’s largest bank by assets, said last week that revenue fell 18 percent to $21.5 billion"

This is pretty minimal too I suppose. "the New York- based bank said today it would eliminate about 5,000 employees, with about 25 percent coming from the securities and banking business. It had disclosed plans last month to cut 4,500 jobs."

Securities and Banking are the High Paying jobs..

"Finance and insurance" account for only 7% of the total NYC economy.

number of employees maybe, but in terms of revenue, it is 20% or at least was during the bull market. I doubt the percentage is that much since incomes were down 10% in Manhattan in 2010' per census.

So 80% is NON-Wall Street.

Again, minimal.

Re: "Finance and insurance" account for only 7% of the total NYC economy.

Matt, if you've ever wondered why some here call you on your posts, it's because you never cease to spew such utterly ridiculous bullshit. You are truly a bullshit machine.

FACTS: NYC employment from the NYCEDC website: Finance and Insurance represents 8.5% of JOBS (employment headcounts)

From the NYT: in New York City, nearly $1 out of every $4 that companies paid employees in 2007 went to a financial worker. (note that other sources often quote "a third" of payroll expense in NYC is financial services)

any idiot know investment banking/wall street has nothing to do with the NYC metro economy, incl RE--any idiot named matt

stocks bounced fairly immediately following the 87 crash--2 years after the crash, in '89, despite that stocks had completely recovered, NYRE was down 40% from the pre-crash peak--wasn't til about 98 that it recovered to peak---woopsie daisy

wall st is kind of a stand-alone industry--no lawyers, accountants, IT consultants, marketing scum, event-planners, reporters do any work ever for wall street firms--right, matt?

At least this won't affect the pay of $150,000/year MTA employees.

> any idiot know investment banking/wall street has nothing to do with the NYC metro economy,

Wall Street represented 30% of city income in the peak years... per Bloomberg...

Bullish for Washington Heights!!!!

thanks somewhere else.. again I was being conservative in my data when I said 20% in peak years. Wow 30%--- pfffffffffffffff (air still to come out of the bubble, but not if you change the name of your street then the helium will keep it up for a while..hah)

Since 2008 means 2009, 2010, and 2011.
So 2011 is lower than 2009 and 2010.

ok

Yes, Since 2008 means lower than 2009 and 2010'. Pretty sure that's what they mean when they say since.

Wow, lower than the past 2 years. Nearly a black swan event.

http://www.bloomberg.com/news/2012-01-18/goldman-sachs-profit-drops-58-beats-analyst-estimates-on-cost-reductions.html

Who aid anything about a black swan event? Continued poor earnings (and lower comp) by financials will not help RE in Manhattan. That's all! I think that is quit obvious. I never said there was a going to black swan event. IMO prices in Manhattan have a lot further to fall. They were help up artificially by our Gov't(ie funding banks, tarp, etc) in 09' and pushed up from 02-08' with easy financing -- and a bubble economy..

Who said you said anything about a black swan event? You merely posted that someone had lower earnings than they had in the prior 2 years, but not lower than before that. That seems rather unremarkable.

But there you go again, saying exactly the same thing about real estate that you said yesterday, the day before, the day before, the week before, and the month before. We get it. Your point is clear. Some, many here quite evidendly agree with you. That's wonderful. I've personally said that I expect 5% declines this year on the average Manhattan property.
But even somewhereelse stopped repeating himself 5x per day, stevejhx left streeteasy for some time, and Rhino finally stopped too with his one topic repetition.

sound advice - I have been wasting way too much time on this site. see ya

I don't think we will see prime property fall significantly; limited supply and still a large well qualified buyer pool for these homes.

Declines will be relative to location, condition and pricing.

Keith Burkhardt
The Burkhardt Group

Wall Street represented 30% of city income in the peak years... per Bloomberg...

now add in all the attendant professions (law, accounting, event planning, restaurants, limousines...), where incomes will be negatively impacted as well

bullish!!

Jason - so true. I think Upper Manhattan and Brooklyn will see some positive spillover from this. We had a board interview last night and this phenomenon was actually stated as a reason they are moving up. The couple are both in finance and loking to cut back but can't leave the city just yet. Interesting. The husband said he just had his bonus capped and is loking to change industries.

But, before we get out the violin...they also can by the 500k apartment almost outright and also own a coutnry house and are only 35. So, I'd say they'll be fine.

"I don't think we will see prime property fall significantly; limited supply and still a large well qualified buyer pool for these homes."

Change course... Let's see how close we can get to the coast. Sometimes, you can see couples having sex... the view is especially good from the Captain's chair.

FLMAOzzzz... EVER HEAR OF SAMPLE BIAS? maybe the fact, you get "clients" that have been saving their pennies and feel comfortable enough to buy in this market => leads you to believe, the WELL for prime properties for NYC will never run dry... but it will. Just like a kid in a high school rock band... ya gotta put food on the table sometime, take the first union job that pop can get ya.

ALL FANTASIES end.