The Securities Industry in New York City

The Securities Industry in New York City

Securities industry pretax profits grew by 42 percent in 2017 on higher revenue from core activities. That momentum has carried into 2018, with profits rising by 11 percent during the first half of 2018.
The securities industry has the highest average salary of any major industry in New York City. Despite its small size (less than 5 percent of private sector employment), the industry accounts for more than one-fifth of all private sector wages paid in the City.
Bonuses made up 40 percent of securities industry wages in 2017, a much larger share than in any other industry. Bonuses are likely to increase in 2018 for the third consecutive year based on compensation and profitability trends in the first half of the year, although it is too early to predict with certainty.
While the securities industry in New York City reported a small job loss in 2017, it had solid job gains in the three prior years. Although industry employment has recovered nationally, in New York City it was still 6 percent smaller than before the financial crisis.
Nevertheless, the industry remains an important part of the City’s economy. In 2018, the industry was on pace to add 1,700 jobs during the first half of the year, which bodes well for the local economy as well as State and City tax collections.
The securities industry has been profitable every year since the recession ended in 2009, and salaries are higher than at any time since the financial crisis. The industry is on track for another good year in 2018, barring unforeseen developments later in the year.

Office of the New York State Comptroller

September 2018

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By |2018-09-18T12:34:53+00:00January 1st, 2018|Financial Regulation, Inequality, Reference|