News Press

Statement from Kathryn Wylde, President & CEO of the Partnership for New York City, on Decline in Wall Street Bonuses

March 07, 2016

“Smaller than anticipated Wall Street bonuses, reported today by New York State Comptroller Tom DiNapoli, suggest that the city and state will not have the tax revenues they counted on for 2016-17. The Comptroller’s findings are clear evidence that the tough new financial regulations put in place in the past five years are hurting New York, in terms of both economic activity and tax revenues. A survey conducted last year by the Partnership for New York City found that regulated financial institutions are primarily hiring people in  compliance and risk management, while profit-  and bonus-generating jobs in trading and underwriting are being cut back. Politicians who are calling for even more regulation of the financial industry, including our Mayor,  need to keep in mind that the financial industry is responsible for approximately 40% of our local economy and directly contributes almost 20% of our tax revenues. New York cannot continue to thrive if Wall Street withers.”