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

[NEW YORK] 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 US$12.3 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 per cent more set aside by the securities industry for compensation than a year earlier. The average bonus paid in 2016 was around US$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 per cent of private sector jobs, but was responsible for 20.1 per cent of all private sector wages paid in the city.

REUTERS