Six months after the World Trade Center in New York crumbled to the ground, the U.S. Securities Industry Association reports that almost 1,200 financial industry employees lost their lives in the terrorist attacks.

The SIA says that of the 2,830 people presumed dead in the WTC attacks, 1,173 of them, about 40%, were working in the securities industry. Just four firms, accounted for most of the total, it notes.

It says that current financial loss estimates are in the US$60 billion to US$70 billion range, down from early estimates of over US$100 billion, but still well beyond the previous record of US$25 billion from Hurricane Andrew.

The SIA notes that the long-term psychological impact of the disaster, as well as the environmental degradation in the area also remains unknown.

The attacks cost the securities industry an estimated US$5 billion in profits. Before the attacks, the SIA was estimating industry profits at US$15 billion, down from more than $21 billion in 2000. This slipped to US$10.4 billion after the attacks were accounted for.