Wall Street Profits On Pace To Surpass 2016, NY Comptroller Says

NEW YORK, NY — Wall Street profits are expected to beat last year's mark as long as there aren't any major setbacks, Democratic New York State Comptroller Thomas DiNapoli said Monday. Securities industry profits totaled $12.3 billion in the first half of 2017 — a third higher than the $9.3 billion earned in the same period last year.

But easing financial regulations and consumer protections to try to boost profits could "promote excessive risk-taking and volatility,"DiNapoli said, and hurt the economy.

Roughly 10 percent of jobs in New York City and one in 16 jobs in New York state are directly or indirectly associated with the securities industry, he said, which saw losses in 2007 and 2008 before booking a record $61.4 billion in profits in 2009.

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