NY Comptroller: Higher Wall Street profits expected for 2016

New York State Comptroller Thomas DiNapoli Photo Credit: Kristine Bellino
New York State Comptroller Thomas DiNapoli Photo Credit: Kristine Bellino

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.

 

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