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NY state: Wall Street profits smaller so far in 2014; 2,600 jobs shed as bonuses rose

ALBANY, N.Y. – New York’s state comptroller says the securities industry in New York City tallied $8.7 billion in profits during the first half of 2014, 13 per cent lower than the same period last year as it continues to deal with the fallout from the 2008 financial crisis.

Comptroller Thomas DiNapoli says Tuesday his analysis shows that despite its profitability over the past five years, the industry continues to downsize in New York.

It had 162,400 jobs in August, 15 per cent fewer than before the crisis after shedding another 2,600 jobs the previous year.

The report cites pressures like new regulation to strengthen the financial system and avoid another crisis.

The comptroller says the average bonus, which rose to $164,530 last year, is likely to rise again in 2014, including deferred payments.