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Wall Street 2017 profits set to surpass last year's - report

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Wall Street 2017 profits set to surpass last year's - report

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By Olivia Oran (Reuters) – Wall Street profits for 2017 are set to exceed that of 2016, according to a report on Monday from New York State Comptroller Thomas P. DiNapoli. Profits from the securities industry topped $12.3 billion (£9.3 billion) in the first half of this year, a third higher than the same period a year earlier. Bonuses could also be higher this year, with 4 percent more set aside by the securities industry for compensation than a year earlier. The average bonus paid in 2016 was around $138,210, the report estimated. Wall Street employment has strengthened slightly this year. As of September, there were 178,000 jobs in the securities industry in New York City. While the securities industry has shrunk since the 2008 financial crisis, it still remains critical to New York City’s economy. The sector represents 4.8 percent of private sector jobs, but was responsible for 20.1 percent of all private sector wages paid in the city.

(Reporting by Olivia Oran; editing by Susan Thomas)
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