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NY comptroller: Wall Street profits may slow

NY comptroller: Washington dithering may slow profits on already streamlining Wall Street

NY comptroller: Wall Street profits may slow

ALBANY, New York (AP) -- Though Wall Street recorded $10.1 billion in profits for the first half of 2013, New York's comptroller says federal budget dithering, higher interest rates and litigation may slow earnings for the last half in a securities industry that has kept trimming jobs.

Comptroller Thomas DiNapoli projects in a report Tuesday that overall earnings have been limited to $15 billion this year, compared with $23.9 billion last year.

The annual report says there were 163,400 total jobs on Wall Street in August, down from 168,700 a year earlier.

But New York's financial sector still has 2.5 times more jobs than No. 2 California and it pays an average $360,700 salary, or about five times more than the rest of New York City's private sector.

DiNapoli predicts the industry will continue to streamline.

Updated : 2021-08-06 06:55 GMT+08:00