Overview
New York State Comptroller Tom DiNapoli reported on Thursday that compensation in the securities industry surged last year, with bonuses rising 9% to reach a record $49.2 billion in 2025. The average bonus increased 6% to $246,900, reflecting stronger fee income from trading, underwriting and wealth management activity.
Profits and pay
The comptroller's estimate also showed a substantial rise in the securities industry's profitability. Profits climbed by more than 30% to $65.1 billion, according to the state calculation. Meanwhile, the average annual salary in New York's securities industry, including bonuses, was reported at $505,677 for 2024, a 7.3% increase year over year. Bonuses make up roughly 42% of total wages in the sector.
Employment trends
While pay and profits expanded, employment in the financial industry showed signs of cooling. Preliminary data indicated a modest decline in headcount to 198,200 in 2025, down from a 30-year high of 201,500 in 2024. The comptroller cautioned that headcount figures are likely to be revised upward for 2025 to reflect modest growth, suggesting the preliminary decline could be adjusted.
Fiscal implications
DiNapoli emphasized the broader fiscal implications of the industry's performance. "Wall Street saw strong performance for much of last year, despite all of the ongoing domestic and international upheavals," DiNapoli said in a statement. "When Wall Street does well, it’s good for our state and city budgets, which are reliant on the industry’s significant tax contributions." The securities sector accounts for more than 19% of New York state's tax collection, underlining its role in public finances.
Market drivers and context
The comptroller's report attributes higher bonuses to robust activity across dealmaking, trading and wealth management, which boosted management fees and underwriting revenue. At the same time, the statement noted that geopolitical uncertainty and tariffs were factors roiling markets, even as the industry recorded stronger results.
Takeaway
The estimate paints a picture of a highly profitable securities industry in 2025, with record bonus payments and a notable rise in average pay. Employment data are less clear, with preliminary signs of a small decrease but potential upward revisions. The industry’s outsized tax contributions continue to make it a central component of New York's fiscal health.
Note: Headcount and compensation figures are taken from the New York State comptroller's estimate released on March 26, 2026.