The trading and investment banking firms of New York have enjoyed a stellar year and are on course to deliver record earnings for the entire industry, with profits at the current pace set to exceed $90 billion, while bonuses are expected to reach an all-time high.
According to a report from New York State Comptroller Thomas DiNapoli, this annual earnings estimate, based on growth in the first half of 2026, will easily surpass last year's record of $65.1 billion. His office measures the brokerage business profits of New York Stock Exchange member firms. DiNapoli stated that, as long as no major economic upheaval occurs, this hefty windfall should translate into a record set of bonuses for financial professionals across the industry in the new year, though he did not provide specific figures.
Driven by volatility in financial markets and a rebound in confidence for mergers and acquisitions, major Wall Street investment banks have already reported record revenues across key business lines so far this year. Take Goldman Sachs Group Inc (NYSE: GS) as an example: it has set a quarterly record in equities trading for all banks for a third consecutive quarter.
Wall Street on Track for a Record $90 Billion in Profits
DiNapoli's report shows that, for the New York securities industry, the first half of this year was the strongest two quarters on record, bolstered by a 68% increase in underwriting revenue and a 16.4% rise in revenue from account supervision and advisory activities.
A banner year on Wall Street is a boon for New York City and its job market. Employment in the sector reached 207,400 in 2025, and the Comptroller's office expects an additional 5,300 jobs to be added this year.
It is also a windfall for state finances. Through corporate and personal income taxes, the securities industry contributed at least $26.3 billion to New York State's 2025-26 fiscal year budget, an increase of nearly 29% from the same period a year earlier. The Comptroller's office said that risks related to global conflicts, inflation, and artificial intelligence pose "growing concerns" for the industry and New York State.
The report noted: "Given its increasing contribution to the tax base of New York City and New York State, a downturn in the industry would pose a rising risk to public finances and the broader regional economy."
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