Securities industry profits on track to top $60B in 2025, NY state comptroller estimates

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Profits generated by the securities industry could hit more than $60B by the end of the year if the growth rate clocked in the first half continues, the Office of the New York State Comptroller said on Thursday.

The securities industry's H1 2025 profits hit $30.4B, New York State Comptroller Thomas P. DiNapoli said.

In 2024, securities industry profits jumped by 90% from the previous year to $49.9B, the fourth-highest level on record.

"Market volatility has risen at times this year amid uncertainty around interest rates and federal fiscal and economic policies," the office said. "Still, financial firms saw significant growth in revenue from securities trading and account supervision as investors made changes to their portfolios."

The stronger profits are good for New York City’s coffers. The industry contributed $6.7B to New York City’s budget in FY2025 through business and personal income taxes, up 35.1% from FY2024. The NYC fiscal year ends on June 30.

For the state’s budget, the industry contributed $22B, up 12% from the previous state fiscal year. The New York State fiscal year ends on March 31.

The securities industry employed 201,500 in New York City in 2024, up 1.6% from the prior year and reaching a record high. Preliminary data, though, indicate a decline in securities jobs in the city in 2025. Through August, average total jobs declined by 3,000.

The Office of the State Comptroller estimated [https://www.osc.ny.gov/files/reports/pdf/report-15-2026.pdf] that the bonus pool for the traditional December-March bonus season jumped 34% to a record high of $47.5B.

The average annual salary, including bonuses, in New York City’s securities industry rose 7.3% to $505.6K in 2024, driven by higher bonuses. The change represents a significant advance after two years of declines. Adjusting for inflation, the increase moderated to 3.3% as the inflation-adjusted salary was $489.3K in 2023.

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* Seeking Alpha’s Quant Rating on iShares New York Muni Bond ETF [https://seekingalpha.com/symbol/NYF/ratings/quant-ratings]
* Dividend scorecard for iShares New York Muni Bond ETF [https://seekingalpha.com/symbol/NYF/dividends/scorecard]
* Seeking Alpha’s Quant Rating on First Trust New York Municipal High Income ETF [https://seekingalpha.com/symbol/FMNY/ratings/quant-ratings]
* Dividend scorecard for First Trust New York Municipal High Income ETF [https://seekingalpha.com/symbol/FMNY/dividends/scorecard]
* Seeking Alpha’s Quant Rating on Invesco New York AMT-Free Municipal Bond ETF [https://seekingalpha.com/symbol/PZT/ratings/quant-ratings]