New York City's securities industry may be positioned for a positive 2015 after a strong first half to the year, according to a Oct. 6 report released by State Comptroller Thomas DiNapoli.
Wall Street profits in the first six months of 2015 were at $11.5 billion, the strongest first half since 2011 and a 29% gain from the year-earlier period, according to DiNapoli. He said the strong early showing could help offset weakness in the global economy that have shaken financial markets since the beginning of August that could reduce profitability in the second half.
"We're hopeful that Wall Street's robust first half will result in a good year," said DiNapoli in a statement. "The securities industry continues to be a major contributor to the city's economy and a large contributor to the state and city budgets."
The securities industry added 2,300 jobs in 2014 and was on pace to add 4,500 this year before the market downturn in August, according to DiNapoli. A March report issued by DiNapoli showed that securities-related activities accounted for 6.7% of all New York City tax revenue in fiscal year 2014.
