The Wall Street profits hit a massive $15.1bn in this year’s Q1, a rise of 11% in comparison to the same time period previous year and highest recorded in ten years, as per one report issued by Comptroller Tom P. DiNapoli on Friday.
The NYC’s financial sector is the key engine of tax revenue and economy of the state, making its gains report a driver for the financial view of New York state budget as well as New York state.
The report is released amid the uncertainties around the national and global economy, during an ongoing trade battle with China. In spite of the Wall Street profits, DiNapoli still has warned that there are a few pitfalls as well as slow growth which could influence its profits during the Q2 of the year.
Political turbulence, global trade worries and volatile markets have slowed worldwide economic growth and sown seeds of economic anxiety, said DiNapoli. He will continue to monitor the securities industry closely for the remaining part of the year as whatever occurs on Wall Street impacts the state as well as state economies directly, he added.
Notably, the NYC securities industry’s average salary previous year was $398,600, a decline of 5.6% from 2017.