Wall Street is thriving and on track for one of its strongest years in recent memory, giving the state a higher-than-expected fiscal boost, according to a new report released by New York State Comptroller Thomas P. DiNapoli.
The securities industry generated $30.4 billion in profit during the first half of 2025. If this momentum continues, annual profits could surpass $60 billion, well above 2024’s total of $49.9 billion. Last year marked the fourth-highest level on record and a 90% increase over 2023.
Wall Street proved resilient despite the first half of this year being marred by economic challenges, with uncertainty regarding tariffs, elevated inflation, political climate, and stagnant interest rates looming. Given these strong earnings, bonuses are also expected to grow, generating higher-than-expected tax collections for both the city and state. This is especially meaningful for New York State, which relies more heavily on personal income tax than the city does.
“When this sector of the economy does well, the tax revenue that’s derived for the city and especially for the state, is what helps to fund all the programs that everyday New Yorkers count on,” said DiNapoli. “So despite the volatility and the uncertainty, we’re seeing quite a strong start of 2025.”
While preliminary data indicates a potential loss of 3,000 securities industry jobs this year, down from the 201,500 recorded in 2024, which surpassed a record set in 2000, DiNapoli expressed little concern. Historically, initial employment figures have often reversed course once final data comes in, and he suggested this year may follow a similar pattern.
He also pushed back on any gloom surrounding the industry’s future. New York City’s securities sector remains one of the largest in the country, and its strength continues to reverberate throughout the broader economy. The average annual salary in the sector climbed 7.3% last year to $505,630, and the bonus pool surged 34% to a record $47.5 billion. DiNapoli expects bonuses to follow a similar upward trajectory this year, though official estimates won’t be released until March 2026, when withholding data becomes available.