Overview
- The New York State comptroller's Oct. 6 report found securities firms earned $45.9 billion in pre-tax profits in the first half of 2026, a 51.3% increase from the same period in 2025 and enough to put the industry on track to exceed $90 billion for the full year if the pace holds.
- The report credits the surge to massive investment in artificial intelligence, a boom in underwriting and heightened trading and dealmaking, noting underwriting fees rose about 68% in the first half of 2026.
- The industry’s gains are lifting pay and jobs in New York City, with average securities compensation at $561,770 in 2025, a $49.2 billion bonus pool and a record 207,400 securities employees.
- DiNapoli warned that higher Federal Reserve policy rates, a jump in 10-year Treasury yields, ongoing geopolitical conflicts and deregulatory changes increase the risk that profits and related tax receipts could fall sharply.
- The surge is already boosting public coffers—about $7.8 billion for New York City and $26.3 billion for the state in the 2026 fiscal year—and officials must choose between using the extra revenue for spending or building reserves while watching Q3 earnings for signs the run will continue.