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Daily digit: $15 billion for Wall St

Tuesday, Oct 09, 2012 - 01:31

Oct 9 - New York State's financial watchdog says New York based Wall Street firms are set to earn $15 billion this year, which is double 2011 figures.

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The daily digit on this Tuesday is $15 billion. This is how much the New York securities industry is expected to earn by the end of this year, according to New York State Comptroller Thomas DiNapoli. In his annual report, DiNapoli says New York's branch of Wall Street has already made a big chunk of that sum, but it is still grappling with the fallout from the financial crisis, new regulations and slow economic recovery. So a repeat from last year may be in the cards. In 2011, the industry made a lot of money in the first half, but later lost a lot due to the European crisis. Ultimately, making half of what is expected this year. DiNapoli's report also says that the New York securities industry has been losing thousands of jobs by the month, and it will take time to reach "the new normal." SOUNDBITE: NEW YORK STATE COMPTROLLER THOMAS DINAPOLI (ENGLISH) SAYING: "Until we see more of the impact of regulatory reform, until we see what happens with Europe and with the Chinese economy, let alone what's happening with this economy; until the elections are over - we get a sense of who the players are - whether that will mean there will be any change. I think the Street is always smart about making money and making adjustments. I think that's the main message of our report. It's an industry still in transition. Where it's all going to end up we are not sure." So for now, $15 billion is the estimate to watch. Conway Gittens, Reuters

Daily digit: $15 billion for Wall St

Tuesday, Oct 09, 2012 - 01:31

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