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"When Wall Street does well, the city and state benefit from higher tax revenues,” New York State Comptroller Thomas P. DiNapoli said in a statement. “The large increase in profitability over the past two years demonstrates that the industry can prosper with the regulations and consumer protections adopted after the financial crisis. It is too soon to tell how increased volatility in the financial markets might impact profits in 2018.”
Powered by strong growth in wealth management fees, mergers and acquisitions advisory work, and underwriting and other income related to the securities business, the industry's overall profitability last year rose 4.5 percent to $153 billion, according to DiNapoli.
The sizable bonus gains came despite a slight dip in employment on Wall Street to 176,900 jobs.
Pre-tax profits for New York Stock Exchange member firms -- the traditional measure of securities industry profits -- jumped 42 percent to $24.5 billion, the highest level since 2010, according to the NY State Comptroller.