| NEW YORK, March 15
NEW YORK, March 15 Wall Street profits jumped 21
percent to $17.3 billion in 2016, while average bonuses in New
York City's securities industry rose by just 1 percent to
$138,210, the state's chief fiscal officer said on Wednesday.
Total profits were at their highest level in four years,
reversing three years of declines, as lower revenue was offset
by cost cutting and a drop in legal settlements and other
"The jump in profitability is good news since the industry
generates a significant amount of tax revenue for both the state
and city budgets," New York state Comptroller Thomas DiNapoli
said in a statement.
Expenses not tied to employee compensation, including legal
settlements, fell by nearly $3.8 billion, or 6.2 percent in
The industry, an important sector for the area's economic
activity, added 3,800 jobs last year to 177,000, the highest
annual level since the financial crisis. But it is still 6
percent smaller than 2007.
(Reporting by Hilary Russ; Editing by Jonathan Oatis)