By Kate King 

New York's securities industry profits increased 82% in the first half of this year, boosted by federal stimulus money and falling interest rates, according to a report from the state comptroller's office.

Pretax profits reached $27.6 billion in the first six months of 2020, the highest first-half haul since 2009, the report said. The industry's profits for all of 2019 totaled $28.1 billion.

State Comptroller Thomas DiNapoli said in a news release that the jump was due to the release of $2.4 trillion in federal stimulus funding to stem the economic fallout from the coronavirus pandemic, as well as falling interest rates, which reduced the cost of borrowing. Higher trading volume also contributed, and Wall Street firms' underwriting income increased more than 34%, to $17.3 billion, compared with the same period last year.

At the same time, the securities industry is expected to lose 7,300 jobs this year, equivalent to 45% of the positions added since 2013, according to the comptroller's report. Last year, Wall Street employment reached its highest level since the 2008 financial crisis, with 182,100 jobs.

The average Wall Street employee in New York City earned $406,700 in salary and bonuses last year, compared with the private-sector average of $82,900.

The securities industry is a significant contributor to the city and state's coffers, although less so in recent years as firms relocated to less-expensive areas and New York City diversified its economy. Wall Street accounted for about 18% of state tax revenue and 6% of New York City's tax collections last year, Mr. DiNapoli's office said.

Write to Kate King at Kate.King@wsj.com

(END) Dow Jones Newswires

October 22, 2020 08:44 ET (12:44 GMT)

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