Conn., New York and New Jersey to Get $22M for Displaced Workers

Connecticut, New York and New Jersey will share a $22 million federal grant to help financial services workers who are losing their jobs because of the financial crisis on Wall Street.

Connecticut Gov. M. Jodi Rell says her office was notified late Thursday. The first installment is nearly $11 million.

The governors and six U.S. senators from the three states had originally asked the federal labor secretary for $48.2 million. They predicted the tri-state region would lose about 160,000 financial sector jobs by the end of 2008 and 82,000 more by the end of 2009.

Rell said many losing their jobs are not high-paid securities traders but administrative and computer support personnel. She says the money will be used for retraining and other services to help them find work.