Wall Street is on track to post higher profits this year and end three straight years of declines, according to a report issued Friday by New York State Comptroller Thomas DiNapoli.
New York City’s securities industry earned pretax profits of $9.3 billion in the first half of 2016.
The report also disclosed that the average securities industry salary on Long Island in 2015 was $352,100, more than twice the level 10 years ago.
Wall Street earned $11.3 billion in profits in the first half of 2015 but experienced an unusual fourth-quarter loss, ending the year with $14.3 billion in profits overall.
DiNapoli said there’s no reason to expect a similar loss in this year’s fourth quarter, and he predicted Wall Street will end the year with its first year-over-year increase since 2012.
“Barring a major setback, the industry is on pace for higher profits,” he said. “We don’t see anything on the horizon to suggest we’ll have a negative fourth quarter as we did last year.”
The average securities industry salary, including bonuses, was $388,000, down from last year, when the average salary was $404,800.
“It was still far higher than any other major industry in the city,” DiNapoli, a Democrat, said of the average salary. The average salary across the private sector in New York City is $74,100.
The report also found that Wall Street is moving uptown. While half of all securities jobs were located in lower Manhattan in 2000, two-thirds are now in midtown and 19 percent are located in the area around Wall Street.
Securities jobs make up less than 5 percent of private-sector jobs in the city, yet they generate 21 percent of private-sector wages. The industry generated 18.5 percent of state tax collections in the last fiscal year, and directly or indirectly supported one in 10 jobs in the city.
With Newsday Staff