New York City job losses in the Great Recession were far fewer than economists' dire predictions, and Wall Street profits last year soared to record levels on the back of near-zero interest rates and federal bailouts. But by one measure — securities industry wages and salaries — 2009 was the darkest year in modern history.

The president of the Federal Reserve Bank of New York defended his turf against escalating calls in Congress to curtail the powers of the Federal Reserve and increase oversight of the institution.

New York Gov. David Paterson reached an agreement Friday with two state worker unions that averts the threatened layoff of 8,700 employees and removes a significant roadblock to his proposal for a separate, less expensive pension tier for new hires.