Profits on Wall Street hit $15.1 billion in the first half of 2019, an increase of 11 percent over the same period last year and the highest in 10 years, according to a report released on Friday by Comptroller Tom DiNapoli.
The financial sector in New York City is the primary engine of the state’s economy and tax revenue, making its profits report key for the financial outlook of the state and the state budget.
The report comes amid uncertainties surrounding the global and national economy, during a trade war with China. Despite the good news for Wall Street, DiNapoli warned there are pitfalls and slow growth could affect Wall Street 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.”
The average salary for the securities industry in New York City in 2018 stood at $398,600, a 5.6 percent decline from 2017. It’s still five times the average $79,800 salary for the rest of the private sector in the city.