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Wall Street Profits Hit 10-Year High, But Slowdown Looms
Pretax profits in New York State’s securities industry reached $15.1 billion in the first six months of 2019, an 11% year-over-year increase and the best start in a decade, said state comptroller Thomas DiNapoli. However, a slowdown in the global economy and other factors pose threats to second-half profits.
“Wall Street had a very profitable start in 2019, but uncertainties leave the second half of the year an open question,” DiNapoli said. “Volatile markets, global trade tensions, and political turbulence have sown economic anxiety and slowed global economic growth. My office will continue to keep a close eye on the securities industry as the year progresses, because what happens on Wall Street directly impacts the New York State and New York City economies.”
While net revenue rose in 1H 2019, growth slowed to 2.4%. The slowdown reportedly reflected poor performance across a range of activities including equities, commodities and currencies.
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- ◦Economy
