New York, NY – Securities industry profits totaled $12.3 billion in the first half of 2017. “After a very successful first six months, Wall Street profits are on track to exceed last year’s level, barring a major fourth quarter setback,” New York State Tom DiNapoli said in a statement this week. “When Wall St. does well, state and city tax collections benefit. Nevertheless, attempts to boost profits by rolling back financial regulations and consumer protections could promote excessive risk-taking and volatility and put everyday Americans and the broader economy in harm’s way.”
Last year, profits increased by 21 percent to $17.3 billion. In 2017, profits are continuing to drive higher revenues. Revenue from trading and underwriting rose 29 percent in the first half of the year on the strength of the financial markets, and revenue from wealth management was up 20 percent.
The securities industry added 11,100 jobs in New York City during the past three years, raising employment to 177,000 in 2016, the highest level since the financial crisis. After a weak start in 2017, job growth in the city has strengthened and is now on track for a small gain this year. As of Sept. 2017, there were 178,000 jobs in the securities industry in New York City.