NY comptroller: Wall Street health still volatile

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Associated Press

Posted on October 9, 2012 at 1:01 PM

Updated Tuesday, Oct 9 at 1:03 PM

ALBANY, N.Y. (AP) — New York state Comptroller Thomas DiNapoli (duh-NAP'-oh-lee) says profits are growing on Wall Street even as jobs are declining along with tax revenue vital to the state and New York City.

The findings are part of DiNapoli's annual report on financial industry employment and earnings released Tuesday.

DiNapoli says a volatile Wall Street has a large effect on the city and state budgets.

The industry's profits this year are projected to reach $15 billion, or twice the level of 2011.

But the bonus pool is expected to decline for the second year in a row.

Tax payments generated by Wall Street once accounted for 20 percent of state revenues. They now make up 14 percent. The revenue that once provided 12 percent of the city budget now covers 7 percent.

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