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Wall Street Profits Surge and Bonuses Will Follow, DiNapoli Says

  • NYC securities industry earnings jump 13% from a year earlier
  • Comptroller says bonuses to rise for third straight year
Pedestrians on Wall Street near the New York Stock Exchange. 

Pedestrians on Wall Street near the New York Stock Exchange. 

Photographer: Amir Hamja/Bloomberg

New York City’s securities industry reaped another windfall in the first half of the year as it benefited from the pandemic-induced boom in markets -- and that’s projected to boost Wall Street bonuses.

The industry’s pretax profits surged about 13% from a year earlier to $31 billion, helped by strong trading, underwriting and advisory activities, state Comptroller Thomas DiNapoli said Thursday in a report. While it was the industry’s second-most profitable first half on record, DiNapoli cautioned that profits will subside as interest rates rise and monetary stimulus fades.