Wall Street could see profits top $60 billion in 2025 if current trends continue, according to a new report released Friday by New York State Comptroller Thomas P. DiNapoli.
The securities industry earned $30.4 billion in pretax profits during the first half of the year — a pace faster than 2024, when total profits reached $49.9 billion, the fourth-highest level on record. DiNapoli said continued gains could lead to higher-than-expected state and city tax revenues, fueled by strong bonuses and income taxes from the financial sector.
“The securities industry’s gains provide an important boost for tax revenues that support critical investments in housing, transportation, and public services that New Yorkers depend on,” DiNapoli said. “While uncertainty remains around interest rates, inflation, and the broader economy, Wall Street looks to have another strong year.”
Profits Surge Amid Volatility
The report found first-half profits rose 30.7% year-over-year, driven by a 73.4% jump in trading revenue and strong performance in AI-related dealmaking and supervisory fees. These increases came despite volatility linked to shifting tariff policies and global economic uncertainty.
If the pace continues, DiNapoli’s office projects total 2025 profits could surpass $60 billion — potentially reaching an all-time high.
Employment and Salaries
Employment in New York City’s securities industry reached a record 201,500 jobs in 2024, though early 2025 data shows a possible dip of about 3,000 jobs. New York continues to lead the nation in financial sector employment, with 217,800 industry jobs statewide, far outpacing California’s 102,600.
Securities workers are also earning more than ever. The average annual salary, including bonuses, rose 7.3% to $505,630 in 2024, with the bonus pool jumping 34% to a record $47.5 billion. That’s an average bonus of $244,700 per employee, nearly five times the city’s private-sector average salary.
NYSE member firms spent about 10% more on compensation in the first half of 2025, suggesting bonuses could rise again — despite the city’s projection of a 14% decline. DiNapoli’s office plans to release its official bonus estimate in March 2026.
Boost to State and City Revenues
The securities industry remains a major driver of New York’s fiscal health. In fiscal year 2025, the sector generated an estimated $6.7 billion for New York City — up 35% from the previous year — representing 8.4% of all city tax collections.
At the state level, $22 billion in tax revenue was collected from the industry in FY 2024–25, up 12% year-over-year and accounting for 19.4% of total state tax receipts. Most of this came from personal income taxes, reflecting the sector’s high salaries and bonuses.
Economic Impact
According to DiNapoli’s report, the securities industry accounted for 17.7% of New York City’s total economic output in 2023, and that share is expected to grow once 2024 data is finalized. Roughly 1 in 13 city jobs — or about 8% — are directly or indirectly tied to Wall Street.
DiNapoli said that while the broader economy still faces headwinds, the financial sector’s strength continues to play a critical role in supporting New York’s fiscal and economic stability.
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