""Wall Street saw strong performance for much of last year, despite all of the ongoing domestic and international upheavals," DiNapoli said in a press release."
""When Wall Street does well, it's good for our state and city budgets, which are reliant on the industry's significant tax contributions.""
""He also warned that slowing job growth and 'geopolitical conflict' now pose risks for the financial sector and the economy.""
Profits in the securities industry increased by more than 30%, reaching $65.1 billion. The bonus pool for Wall Street hit a record $49.2 billion, a 9% rise from 2024. Bonuses are estimated using income tax withholding data for securities employees in New York City. Adjusted for inflation, last year's bonuses are lower than those in 2020 and 2021. The comptroller noted that Wall Street's strong performance benefits state and city budgets, but warned of risks from slowing job growth and geopolitical conflicts.
Read at Axios
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