Mubasher: Wall Street annual profits for this year are on track to beat the profits registered last year, according to a report from New York State Comptroller Thomas P. DiNapoli.
Profits from the securities industry topped $12.3 billion in the first half of 2017, while bonuses could also be higher this year, with 4% more set aside by the securities industry for compensation than a year earlier, showed the report that was issued on Monday as reported by Reuters.
The average bonus paid in 2016 was around $138,210, the report estimated.
Employment in Wall Street has slightly strengthened this year, with a total number of 178,000 jobs in the securities industry in New York City as of September.
Securities represent 4.8% of the private sector jobs, however, the sector was responsible for 20.1% of all private sector wages paid in the big apple.
