“The securities industry’s gains provide an important boost for tax revenues that support critical investments in housing, transportation, and public services that New Yorkers depend on,” DiNapoli said. “While uncertainty remains around interest rates, inflation and the broader economy, Wall Street looks to have another strong year.”

DiNapoli’s report uses a traditional measure of the securities industry’s performance by looking at the pretax profits of the broker/dealer operations of New York Stock Exchange (NYSE) member firms. There are 130 NYSE member firms, down from more than 200 in 2007 before the global financial crisis.

Profits

First half 2025 profits increased 30.7% year-over-year driven by increased trading activity. Trading revenues grew 73.4% over the same period last year, while commission income, AI-related dealmaking, and supervisory fees also contributed to higher profits. Revenue strength occurred despite substantial market volatility this year from shifting tariff policies and broader global economic uncertainty. If current trends continue, total 2025 profits could exceed $60 billion and potentially reach a record level.

Employment, Bonuses and Salaries

Employment in the city’s securities industry rose to a record 201,500 jobs in 2024, surpassing the previous peak in 2000. Preliminary 2025 data shows a potential decline of about 3,000 jobs, although this trend has been seen in recent years before reversing once numbers were finalized. New York City has more securities jobs than any other city or state in the nation but has seen its share of national industry jobs decline as other labor markets have seen faster growth.

The securities industry has been a leader in workers returning to the office in New York City, with a March 2025 survey showing 62% of employees in the office daily, compared to 57% in all other industries. From 2019 through 2024, employment in the industry in New York state grew 9.3%, an increase of 18,400 jobs and the most of any state. The state closest to New York’s 217,800 industry jobs in 2024 was California with 102,600.

The average annual salary, including bonuses, in New York City’s securities industry rose 7.3% to $505,630 in 2024, and the bonus pool grew 34% to a record $47.5 billion, equal to an average bonus of $244,700 per employee. The average salary in the securities industry was nearly five times the average salary of the rest of the private sector ($101,760) in the city, and 59% higher than the next highest industry ($318,360 in web search portals and other information services). The industry’s statewide average salary was $484,300, more than double the average in the rest of the nation ($238,200).

NYSE member firms spent nearly 10% more on all forms of employee compensation, including salaries, bonuses and equity awards in the first half of 2025 compared to the same period in 2024. Combined with higher profits and relatively stable employment, this signals a likely rise in bonuses over last year. Bonus increases will vary among different subsectors. While the city’s latest budget projection expects a 14% decrease in the industry’s bonus pool, DiNapoli’s office anticipates it will grow based on first half indicators.

DiNapoli will release the office’s average bonus estimate in March 2026 based on tax withholding data.

State and City Tax Revenue

The securities industry is a major tax contributor to the state and city through business taxes on profits and personal income taxes on employees’ salaries. The industry generated an estimated $6.7 billion in revenue for New York City in fiscal year (FY) 2025, up 35.1% from the prior year, and represented 8.4% of the city’s total tax collections that year. Most (68%) came from personal income taxes (PIT), with securities industry receipts accounting for 24.3% of the city’s total PIT collections.

The state relies more heavily on securities industry related tax receipts, with an estimated $22 billion collected in state fiscal year 2024-25, up 12% from the previous year, and represented 19.4% of all state tax collections that year. PIT accounted for 85.7% of the securities industry receipts total.

Economic Contributions

DiNapoli’s office estimates the securities industry accounted for 17.7% of New York City’s gross product in 2023, the most recent year with available data. The industry’s share is expected to increase when 2024 data is released, reflecting the rise in profitability. DiNapoli estimates that 1-in-13 jobs (8%) in New York City were associated with the securities industry in 2023.

Report
The Securities Industry in New York City