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Wall Street 2016: Higher Profits, Smaller Bonuses, Fewer Jobs
NYS Comptroller Thomas DiNapoli reports that Wall Street broker-dealer profits for 2016 are on track to surpass that of 2015 – which would end 3 years of consecutive declines in the industry. That full-year performance is likely even though profits of $9.3 billion in the first half of 2016 are down 18% from a year ago.
Yet, since March, job growth has slowed in the securities industry in New York City. In August, there were 2,600 fewer jobs than in March. In 2015, NYC represented 19% of securities industry jobs in the United States, down from 32% in 1990, the NYS report said.
Also, bonuses could decline for a 3rd consecutive year in 2016. The amount set aside by the member firms of the NYSE for compensation in the first half of 2016 was 7% less than the same period last year.
