Wall St. profits, jobs continue to fall

Written By Unknown on Selasa, 07 Oktober 2014 | 23.16

Wall Street continues to get small — both in terms of jobs and profits.

It's just the bonuses that keep getting super-sized.

Profits for financial sector firms — the economic engine for the entire state — fell 13 percent in the first six months of the year, New York's state comptroller reported Tuesday.

Profits declined to $8.7 billion as banks and investment firms continue to deal with the fallout from the 2008 financial crisis.

Despite producing still-healthy profits, firms, Wall Street firms continue to adapt to the new normal, which needs fewer workers, according to an analysis by Comptroller Thomas DiNapoli.

Wall Street firms employed 162,400 people in August, 15 percent fewer than before the crisis after shedding another 2,600 jobs the previous year.

However, those who still have a job will likely see their bonus payout grow. The comptroller says the average bonus, which rose to $164,530 last year, is likely to rise again in 2014, including deferred payments.

The DiNapoli report cites pressures like new regulation to strengthen the financial system and avoid another crisis.


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