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Wall Street’s first half 2023 profits down; tax revenues reflect pre-pandemic levels

  • / Updated:
  • Staff Report 

Wall Street has reported first-half profits for 2023 at $13 billion, a 4.3% decline from the same timeframe in 2022, but mirroring the industry’s return to pre-pandemic earnings.


State Comptroller Thomas P. DiNapoli highlighted that following two years of record highs in 2020 and 2021, the securities industry has shown consistent profits, aligning with pre-pandemic levels. DiNapoli, however, cautioned about the volatile global and national scenarios, stating potential changes in Wall Street’s profits and employment levels might lead to declines in New York’s tax revenue derived from the securities sector, impacting state and city budgets.

In terms of employment, as of August 2023, New York City’s securities industry boasted the highest job numbers in over two decades. The securities sector in the city continued to be the largest, even though it lost some positions to other states. DiNapoli’s estimates predict that Wall Street accounted for $5.4 billion in city tax collections during Fiscal Year 2023, a 16% dip from 2022’s record $6.4 billion. As the city moves forward, uncertainties surrounding hybrid work models and financial firms potentially downsizing office spaces may significantly impact city tax revenues.