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The average compensation of employees of Wall Street companies has increased by more than 10% last year, according to a report released Monday.
According to the annual survey of New York State Comptroller Tom DiNapoli, the average salary and bonuses of employees of New York brokerage firms reached $ 422,500 in 2017 and $ 389,000 for employees of New York State. the securities industry on Long Island.
The average wage for all industries in New York State is $ 61,460, according to the New York State Department of Labor. DiNapoli said the average wage in the entire securities industry has risen 12% to $ 403,100 in 2017.
Financial services companies accounted for $ 14 billion in tax recoveries during the fiscal year ended March 31, estimated DiNapoli, accounting for 18% of the total. In New York, DiNapoli attributed $ 4.2 billion in tax revenue to Wall Street. That's 7% of the total, he said.
"The securities industry is a major source of revenue for New York City and New York State, and is an important part of the city's economy," said DiNapoli.
The pre-tax profits of New York Stock Exchange members reached $ 13.7 billion in the first half of the year, an increase of 11% over the same period in 2017, DiNapoli said. Securities companies posted profits of $ 24.5 billion in 2017. Trading revenues increased in 2016 and 2017, but decreased compared to 2009; Wealth management and account supervision revenues have tripled since 2009, according to the report.
There were 197,300 jobs in the securities industry in the state of New York in 2017, of which 90% in New York and 5% in Nassau, Suffolk and Westchester counties. DiNapoli said the industry in New York is on track to add 1,700 jobs by 2018.
Kathryn Wylde, CEO of the New York City Partnership, a group of companies, said the looser regulation, the new federal tax law and "competition for talent" have boosted profits and premiums for industry.
"The best performing Wall Streeters have more options than ever before – there are more small businesses, private equity has grown as a sector that wants to attract bankers," said Wylde.
Another factor, according to Mr. DiNapoli's report, was a 2008 federal law requiring the repatriation of deferred compensation held abroad by December 31, 2017. Premiums represented about 40% of salaries and are expected to increase in 2018 for the third consecutive year, DiNapoli predicted.
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