Average Wall Street salary dropped to $399K last year

ALBANY, N.Y. (AP) — New York state’s comptroller says salaries on Wall Street dropped by 5.6% last year.

Comptroller Thomas DiNapoli reports Friday that the average 2018 salary, including bonuses, for securities industry employees in New York City was $398,600. That’s down from $422,500 in 2017, which was the highest level since the 2008 financial crisis.

The salary drop tracks with a decline in bonuses, which can account for more than a third of Wall Street wages.

Pretax profits in the securities industry reached $15.1 billion in the first six months of 2019. That’s an 11% increase over the same period last year and the best start in a decade.

But DiNapoli said a slowdown in the global economy and other factors pose threats to Wall Street profits in the second half of 2019.

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