Wall Street firms record best first-half profit in a decade: report

Wall Street firms recorded their best first half in a decade as profits rose 11%, but a slowdown in the global economy and ongoing trade tensions could hit earnings in the second half of 2019, according to a report from the New York State Comptroller.

Even as earnings rose, the amount set aside for compensation declined by almost 1% and bonuses in the second half of 2019 will depend heavily on revenue growth, according to the report.

Profitability in the securities industry has grown for three straight years, but growth in net revenue has slowed, reflecting weakness in certain business activities.

Source: Reuters

Leave a Reply

%d bloggers like this:
A DAILY ROUNDUP OF THE MOST FASCINATING WALL ST, COMPLIANCE AND REGULATORY NEWS.