{"id":13730,"date":"2025-10-23T16:26:07","date_gmt":"2025-10-23T16:26:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/13730\/"},"modified":"2025-10-23T16:26:07","modified_gmt":"2025-10-23T16:26:07","slug":"n-y-comptroller-wall-street-profits-surge","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/13730\/","title":{"rendered":"N.Y. comptroller: Wall Street profits surge"},"content":{"rendered":"<p>Profits on Wall Street could top $60 billion this year if current trends continue, and those profits and bonuses could help generate higher-than-expected city and state tax collections, New York State Comptroller Tom DiNapoli <a href=\"https:\/\/www.osc.ny.gov\/files\/reports\/pdf\/report-15-2026.pdf?utm_medium=email&amp;utm_source=govdelivery\" target=\"_blank\" rel=\"nofollow noopener\">said in a report<\/a> Thursday.<\/p>\n<p>DiNapoli said profits from the first half of 2025 increased 31% year-over-year, driven by increased trading activity. Trading revenues grew 73% over the same period last year, while commission income, AI-related dealmaking, and supervisory fees also contributed to higher profits. If the trend continues, profits could potentially reach a record level.<\/p>\n<p>The securities industry earned $30.4 billion in the first half of 2025, a faster pace than last year, when full-year profits totaled $49.9 billion, the fourth-highest level on record, DiNapoli said.<\/p>\n<p>\u201cThe securities industry\u2019s gains provide an important boost for tax revenues that support critical investments in housing, transportation, and public services that New Yorkers depend on,\u201d DiNapoli said in a statement. \u201cWhile uncertainty remains around interest rates, inflation and the broader economy, Wall Street looks to have another strong year.\u201d<\/p>\n<p>The securities industry contributes significantly to the state and New York City through business taxes on profits and personal income taxes on employees\u2019 salaries. The industry generated an estimated $6.7 billion in revenue for New York City in fiscal year 2025, up 35.1% from the prior year. Employment in New York City\u2019s securities industry rose to a record 201,500 jobs in 2024, surpassing the previous peak in 2000. Preliminary 2025 data shows a potential decline of about 3,000 jobs, although this trend has been seen in recent years before reversing once numbers were finalized.<\/p>\n<p>The state relies more heavily on securities industry-related tax receipts, with an estimated $22 billion collected in state fiscal year 2024-25, up 12% from the previous year.<\/p>\n<p>The revenue generated for the state could give the governor and the Legislature some assistance they head into next year\u2019s budget process as they grapple with federal cuts and a cumulative $34.3 billion state budget gap through 2029.<\/p>\n","protected":false},"excerpt":{"rendered":"Profits on Wall Street could top $60 billion this year if current trends continue, and those profits and&hellip;\n","protected":false},"author":2,"featured_media":13731,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[109,3478,116,288,257,3365,270,9,24,11,10,49,51,50,12,112,87,27],"class_list":{"0":"post-13730","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-app-local-state-politics","9":"tag-app-local-business","10":"tag-app-ny-state-of-politics","11":"tag-business","12":"tag-central-ny","13":"tag-economy","14":"tag-luke-parsnow","15":"tag-new-york","16":"tag-new-york-city","17":"tag-new-york-headlines","18":"tag-new-york-news","19":"tag-new-york-state","20":"tag-new-york-state-headlines","21":"tag-new-york-state-news","22":"tag-news","23":"tag-ny-state-of-politics","24":"tag-politics","25":"tag-top-stories"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/13730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=13730"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/13730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/13731"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=13730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=13730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=13730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}