New York's securities industry profits are on track to hit $90 billion! Goldman Sachs Group, Inc. (GS.US) has broken quarterly records three times in a row, and Wall Street bonuses are set to reach an all-time high.

Notice that New York's trading and investment banking firms are having a stellar year, on track to deliver record profits for the entire industry, with profits at the current pace set to exceed $90 billion, while bonuses are expected to reach an all-time high. According to a report by New York State Comptroller Thomas DiNapoli, this annual profit estimate, based on growth in the first half of 2026, will easily surpass last year's record of $65.1 billion. His office measures the brokerage business profits of New York Stock Exchange member firms. DiNapoli said that barring major economic turmoil, this windfall should a record set of bonuses for financial workers across the industry in the new year, though he did not give a specific figure. Driven by financial market volatility and a recovery in confidence in mergers and acquisitions, Wall Street's major investment banks have already posted record revenue in key business lines so far this year. Goldman Sachs Group, Inc., for example, has set a quarterly record in equities trading for all banks for a third consecutive quarter. Wall Street is poised for a record $90 billion in profits DiNapoli's report shows that for New York's securities industry, the first half of this year was the strongest two quarters on record, helped by a 68% increase in underwriting revenue and a 16.4% rise in revenue from account supervision and advisory activity. Wall Street's banner year is a boon for New York City and its job market. Industry employment reached 207,400 in 2025, and the comptroller's office expects an additional 5,300 jobs this year. It is also a windfall for the state's finances. Through corporate and personal income taxes, the securities industry contributed at least $26.3 billion to New York State's 2025-26 fiscal year budget, up nearly 29% from the same period a year earlier. The comptroller's office said risks related to global conflicts, inflation and artificial intelligence pose "growing concerns" for the industry and New York State. The report noted: "Given its growing contribution to the tax base of New York City and New York State, a downturn in the industry would pose a rising risk to public finances and the broader regional economy."