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Wall Street Profits Rise Nearly 80% Year Over Year
Wall Street’s $23.2 billion in pretax profits for the first half of 2024 rose 79.3% over the same period last year and were buoyed by securities trading, underwriting and selling. Annual profits are currently on track to close out the year much stronger than 2023, according to New York State Comptroller Thomas P. DiNapoli’s annual report examining the performance of New York City’s securities industry.
“After record years during the pandemic, Wall Street’s profits were more in line with pre-pandemic levels in 2022 and 2023,” said DiNapoli. “This year has been very strong so far and profits may continue their upward trajectory, to exceed 2023 levels and boost state and city tax revenues. Still, there are many international and domestic uncertainties that pose risks to the industry in the final months of 2024 that my office will be monitoring closely.”
Although financial industry employment in New York grew by 7.8% from 2019 through 2023, it has grown faster elsewhere in places like Texas, with a 26.6% increase over a four-year period. Utah had the highest growth rate of any state at 40.5%, DiNapoli reported.
