NYS Comptroller: Wall Street Profits Could Beat 2016

NEW YORK (AP) -
DiNapoli
New York State Comptroller Thomas DiNapoli (AP Photo/Mike Groll)

New York state Comptroller Thomas DiNapoli says Wall Street profits are on track to beat 2016, barring any major setbacks.

DiNapoli said Monday that securities industry profits totaled $12.3 billion in the first half of 2017. That’s one-third higher than the $9.3 billion earned in the same period last year.

The Democrat says attempts to boost profits by rolling back financial regulations and consumer protections could “promote excessive risk-taking and volatility” and harm the economy.

He says about one in ten jobs in New York City and one in 16 jobs in New York State are directly or indirectly associated with the securities industry.

The industry had record losses in 2007 and 2008 and then booked a record $61.4 billion in profits in 2009.