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Wall St. Profits on Track to Beat 2017
Securities industry pretax profits totaled $13.7 billion in the first half of 2018, 11% higher than the year-ago period, New York State Comptroller Thomas P. DiNapoli reported. “The momentum from last year’s dramatic rise in profits has carried into 2018, and the industry is on track for another good year absent a setback later in the year,” said DiNapoli.
2017 saw a 42% year-over-year increase in pretax profits to $24.5 billion, twice as large as 2016’s Y-O-Y gains. Last year, profits grew because of higher revenues, while in 2016 they grew because of lower costs.
The average securities industry salary in the city rose 13% to $422,500 in 2017, the highest since 2008. To illustrate the importance of securities employees’ spending power to the city’s economy, the comptroller’s report noted that the industry accounted for 21% of all New York City wages last year, despite representing only 5% of employment.
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- ◦Economy
