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Wall Street is on pace to earn $19 billion in 2010, according to a report released by New York State Comptroller Thomas P. DiNapoli. The report noted that while last year’s record $61.4 billion profits are not likely to be repeated anytime soon, New York’s securities industry is still likely to record its fourth best year ever.
DiNapoli’s report noted that the first quarter of 2010 was among the most profitable on record ($10.3 billion), but second quarter profits were more in line with pre-crisis levels, falling to $3.8 billion. Wall Street lost a record $54 billion during 2007 and 2008, but with the help of federal bailouts the industry quickly returned to profitability. In 2009, Wall Street earned $61.4 billion—nearly three times more than in 2006.
While Wall Street’s bonus pool may decline from last year’s level, DiNapoli’s report estimated that the average cash bonus may be larger because the pool will be shared among fewer workers. The report also found that: