Wall Street’s pandemic boom came to an end in 2022 with profits down over 50% from the same period last year, according to State Comptroller DiNapoli’s annual report on New York City’s securities industry. Challenging market conditions continue and profits for the remainder of the year may see further declines along with bonuses which are estimated to fall 22% or more from their record highs of 2021.
“The last two years of profits and bonuses fueled in part by the extraordinary federal response to the pandemic were not sustainable,” DiNapoli said. “The securities sector was a buffer for State and City revenues during the pandemic. As the sector slows down in 2022, leading firms are reviewing staffing and office space needs and a prolonged downturn could negatively impact State and City coffers. Continued support for other sectors that have been slow to recover is needed to speed recovery to their pre-pandemic levels and to help offset the decline in Wall Street-related tax revenues.”
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Thomas DiNapoli
New York State Comptroller
