The New York City securities industry was a large contributor to 2014 tax revenues in the Big Apple and Empire State, according to a March 11 report released by State Comptroller Thomas DiNapoli.
DiNapoli said securities-related activities accounted for 6.7% of all New York City tax revenue in fiscal year 2014, a slight drop from 8.5% reported for 2013. The industry also comprised 19% of state tax collections in the fiscal year 2013-14, up from 16% in the year-ago period.
DiNapoli's report also highlighted that the average bonus pay in the New York City securities industry rose 2% to $172,860 last year, while the industry added 2,300 jobs. However, pre-tax profits for the broker/dealer operations of the New York Stock Exchange member firms declined 4.5% to $16 billion in 2014 after falling 30% in 2013.
"The cost of legal settlements related to the 2008 financial crisis continues to be a drag on Wall Street profits, but the securities industry remains profitable and well-compensated even as it adjusts to regulatory changes," DiNapoli said. "The resumption of job growth in the securities industry bodes well for the New York's economy, but it remains to be seen whether this trend will be sustained."
