N.Y. comptroller projects higher Wall Street prof­its in 2016

Daily Local News (West Chester, PA) - - MARKET PLACE - By David Klep­per

AL­BANY, N.Y. >> 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 in­dus­try saw $11.3 bil­lion in prof­its in the first half of 2015, but ex­pe­ri­enced an un­usual fourthquar­ter loss, end­ing the year with $14.3 bil­lion in prof­its over­all.

DiNapoli says there’s no rea­son to ex­pect a sim­i­lar loss in this year’s fourth quar­ter, and he pre­dicts Wall Street will end the year with its first year-overyear 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 1 in 10 jobs in the city.

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