New York City's economic stability is threatened by tariff-induced volatility affecting Wall Street. The finance sector is vital, contributing significantly to tax revenues and providing substantial employment. With growing uncertainties, companies become more risk-averse, leading to fewer mergers and deals. This not only affects finance professionals but also the city's budgets and essential services funded by these revenues. Historically, Wall Street's fortunes have closely mirrored those of New York, and recent trends suggest a decline in job numbers, putting additional strain on the city’s economy.
A quarter-century later, despite the sector's enormous growth, the industry accounts for about 195,000 Big Apple jobs.
Yet New York needs Wall Street far more than Wall Street needs New York.
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