ALBANY, N.Y. -- Just a few weeks ago, the state comptroller estimated Wall Street job losses in the tens of thousands, but in Monday's report, Tom DiNapoli estimated unemployment numbers so big, they almost take a calculator to comprehend.

While you can't hear desperation in the monotone clang of Wall Street's closing bell, the state's top fiscal watch dog said it's there.

"While Wall Street saw near record profits just two years ago, 2008 is on pace to be one of the worst years ever," DiNapoli said.

DiNapoli said the credit crunch is chewing up Wall Street's finances.

His annual report on its status shows a $21 billion loss for New York Stock exchange firms in the first half of the year alone.

That's trickling down to major job cuts that are far worse than even he originally thought.

"In total, New York State may lose 225,000 jobs during this very difficult period," DiNapoli said.

DiNapoli said of the 225,000 possible private sector jobs lost in the next two years, 50,000 will be cut upstate and New York City will lose the other 175,000 jobs.

And according to the comptroller, the losses reach well beyond brokers on Wall Street.

"Over the past year, the securities industry in New York City has lost more than 16,000 jobs. And we estimate the industry could lose a total of 38,000 jobs by next October with another 10,000 jobs lost in banking, insurance, and real estate," DiNapoli said.

Add to that a loss of $6.5 billion in tax revenue and it's an understatement to say the state is in rough shape.

Career Counselor Dan Moran said Western and Central New York will be hit hardest upstate, while the Capital Region will remain somewhat insulated.

"We don't really have a lot of real large companies in this market. It's a lot of small to mid-sized companies. They are not hit as hard," Moran said.

But no matter where you live, he said it's time to prepare for the next step, just in case.

That means considering other employment options, building contacts and updating your resume.

Moran also suggests refreshing your memory when it comes to your unemployment benefits.

"Know what will happen if you lose your job. What kind of unemployment compensation will you see, so that you can plan your financial," Moran said.

To help, the state is asking the federal government of a worker bailout of sorts.

According to the Department of Labor, New York, New Jersey and Connecticut have applied for a $48 million federal grant to help the unemployed re-tool, and Congress is giving people more time to take the next step by giving them another seven weeks to collect unemployment benefits.

So now, people can collect unemployment for up to 46 weeks.