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Wall Street Posts Near-Record Profits, Says NYS Comptroller
Wall Street’s run of prosperity extended into the first half of 2021 with $31 billion in pre-tax earnings, beating 2020’s outsized first half profits of $27.6 billion, according to New York State Comptroller Thomas P. DiNapoli’s annual report on the financial sector’s performance. The near-record profits occurred even as job losses accelerated in New York City’s securities industry.
“Wall Street’s success during the pandemic has benefited New York’s economy and finances during a difficult time,” said DiNapoli. “The securities industry’s strong profits have helped shore up tax revenues and securities industry workers have been among the first to return to the office.”
He added, “Financial markets move in cycles, however, and profits will subside at some point. As we prepare for an eventual slowdown in Wall Street’s record activity, we need to ensure New York’s Main Street, and its other vital sectors, are also recovering.”
- ◦Economy
