Profits in the securities industry should grow this year, although employment and the cash bonus pool in New York City will drop, according to a new analysis from New York State Comptroller Thomas DiNapoli.
Profit in the industry totaled $10.5 billion through the first half of the year and is on pace for more than $15 billion by the end of 2012. The industry earned $7.7 billion in 2011, according to DiNapoli’s office.
Industry employment has fluctuated throughout the year, but has declined sharply in recent months, according to a news release. Since the start of the year, the industry has lost 1,200 jobs.
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DiNapoli said he expects employment to contract further during the rest of the year.
The cash bonus pool for the industry is likely to decline for the second year in a row, according to the comptroller’s office.
“The securities industry remains in transition and volatility in profits and employment show that we have not yet reached the new normal,” DiNapoli said in a news release. “The securities industry is still grappling with the fallout from the financial crisis, new regulations and slow economic recovery. How the industry negotiates this continued uncertainty could impact profitability and the finances of New York City and New York state.”
Contact Tampone at ktampone@cnybj.com
