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Wall Street bonuses to plunge 50%

NEW YORK (Reuters) - Wall Street's bonuses will fall at least 50 percent this year, pushing them back down to the level last seen in 2002, the New York city comptroller said, predicting the pain will not be confined to top executives.

Federal regulators and New York Democratic Attorney General Andrew Cuomo want the officers of banks and brokerages that they nearly capsised to forego their bonuses.

The report by City Comptroller William Thompson reveals Wall Street's pay scale, for all of its workers, is not divorced from economic forces.

Cuomo, at a separate news conference, was asked how far down in the pecking order bonuses should be withheld. Cuomo responded: "It's one of the questions we're looking at, and the other regulatory agencies."

New York City's tax revenues have withered with Wall Street, its economic engine, which last year paid out $33.2 billion in bonuses with pay-outs averaging just over $180,000.

"The impact of this crisis will have a lasting effect on the City's fiscal condition for years to come," Thompson said.

Thompson, one of several Democratic mayoral contenders, also said lots more city dwellers will lose jobs in 2010.