""As budgets are being finalized both at the city and state level, caution would be appropriate. There are so many geopolitical trends that are happening that are way beyond our control.""
""The average bonus ticked up 6% from the previous year, to $246,900, according to the report. That reflects the 30% increase in profits, which increased to $65.1 billion in 2025.""
""New York state is highly reliant on top earners to fund government programs. The top 2% of taxpayers accounted for just over half the $61 billion of income taxes collected last fiscal year.""
""These jobs are important," DiNapoli said, emphasizing the significant role of the securities industry in New York's economic activity and tax revenue."
Wall Street's profits have resulted in a $49.2 billion cash-bonus pool, prompting concerns about government spending. Comptroller Tom DiNapoli emphasized the need for caution in budget planning due to unpredictable geopolitical trends. The securities industry, crucial for New York's economy, generated significant tax revenue, with the top 2% of earners contributing over half of the state's income taxes. The average bonus rose to $246,900, reflecting a 30% profit increase. DiNapoli highlighted the importance of building reserves for future uncertainties.
Read at Gothamist
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