Government Shutdown
An impasse over spending in Washington in October that led to a federal government shutdown and legal expenses -- including JPMorgan’s $13 billion settlement to end federal probes of its mortgage-bond sales -- helped drive down earnings, DiNapoli said.
A blow to Wall Street’s take could have hurt the bottom line for the state and New York City. In fiscal 2013, taxes on the securities industry and its workers delivered $10.3 billion to state coffers, or almost 16 percent of all revenue, DiNapoli said in an October report.
In New York City, Wall Street accounted for 8.5 percent of all receipts in fiscal 2013. The city’s tax revenue could be $100 million higher than projected this year because its budget assumed a 5 percent drop in the bonus pool.
The securities industry employed 165,200 workers in the city in December, 12.6 percent fewer than before the financial crisis, though employment levels have stabilized, DiNapoli said.