Much has been said about New York mayor Zohran Mamdani and his impact on the city’s bankers. While it’s still too early into his tenure as mayor to call time on the industry’s future, one thing is for sure: there are fewer bankers in New York City than there have been for years.

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The office of New York State Comptroller, Thomas DiNapoli, estimated that 198,200 people worked in New York City’s securities industry in 2025. That was a 2% decline on the 201,500 employed in 2024, and even a decline on the 198,400 employed in 2023.

However, the decline in jobs is not an indictment of how important finance is to New York, but rather how important New York is to finance. DiNapoli noted that, in 2024, just 17.9% of American securities roles were based in New York City, compared to around 33% back in 1990.

The securities industry might be expanding, but its role in New York City is still paramount. NYC accounts for 22.5% of all private sector wages paid in the city, as well as 4.9% of private sector employment in the city.

Even by New York standards, Wall Street is very well paid – and 2025 was a very good period on the pay front, even if it wasn’t on the employment one. The average salary in the industry was $506k in 2025, according to the comptroller’s office, and the average bonus was $247k – meaning total compensation of $753k. Average salaries increased by 7.3% on 2024, average bonuses increased by 6%, and average (total) compensation increased by 6.9%.

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