ALBANY, N.Y. (AP) – Wall Street is on track to post higher profits this year, ending three straight years of declines.
That’s according to a report issued today by the New York state comptroller.
For the first half of this year, New York City’s securities industry earned pretax profits of $9.3 billion. Last year, the industry saw $11.3 billion in profits for the first half of the year, but after an unusual fourth-quarter loss, it ended with $14.3 billion in profits overall.
Comptroller Thomas DiNapoli says there’s no reason to expect a similar loss in this year’s fourth quarter. He expects Wall Street to end the year with its first year-over-year increase since 2012.
The average securities industry salary, including bonuses, was $388,000, down from last year, when the average salary was $404,800.