Wall Street Swims In Profits As Main Street Struggles
New York State Comptroller Thomas DiNapoli said the securities industry on Wall Street generated more than $27 billion during the first half of the year, despite the COVID-19 pandemic in New York.
That’s an increase of 82 percent over the same period last year, and nearly generated what the industry made in all of 2019.
DiNapoli said the news is in stark contrast to what’s happening with small business owners struggling in New York.
“I would caution that the year is not finished. And we know we live in a time where things can change rather rapidly. And certainly from my perspective the sustainability of the strength of Wall Street is still very much tied to Main Street coming back as well,” he said.
DiNapoli said the good news is that Wall Street generates revenue for the state. He said the bad news is that he expects Wall Street to lose 7,300 jobs by the end of the year if there is no additional federal aid.