Wall Street Has Strongest First Half Since 2011, DiNapoli SaysStacie Sherman
Wall Street profits were $11.3 billion in the first half of 2015, the strongest results in four years, according to a report by New York State Comptroller Thomas P. DiNapoli.
Profits rose 29 percent in the first half from the same period of 2014 as the cost of legal settlements related to the 2008 financial crisis declined, DiNapoli said Tuesday.
Weakness in the global economy, particularly China, and concerns over the timing of the Federal Reserve’s plan to raise interest rates “have shaken the financial markets” since the start of August, which could reduce profitability in the second half, DiNapoli said.
“Nonetheless, the industry may still have a good year given the strong first half,” he said.