Oct 7, 2014 11:01 AM
NY state: Wall St. profits $8.7B in 6 months
The Associated Press
ALBANY, N.Y. (AP) New York's state comptroller says the securities industry in New York City tallied $8.7 billion in profits during the first half of 2014, 13 percent lower than the same period last year as it continues to deal with the fallout from the 2008 financial crisis.
Comptroller Thomas DiNapoli says Tuesday his analysis shows that despite its profitability over the past five years, the industry continues to downsize in New York.
It had 162,400 jobs in August, 15 percent fewer than before the crisis after shedding another 2,600 jobs the previous year.
The report cites pressures like new regulation to strengthen the financial system and avoid another crisis.
The comptroller says the average bonus, which rose to $164,530 last year, is likely to rise again in 2014, including deferred payments.