Wall Street Profits Could Top $90B in 2026, NY Comptroller Says

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Summary · why it matters

New York State Comptroller Thomas P. DiNapoli said Wall Street securities industry profits could exceed $90B in 2026 if the current pace holds, after the industry's first-half profits already surpassed his full-year projection. Profits from the broker/dealer operations of New York City member firms totaled $45.9B in H1 2026, a 51% increase from the same period in 2025 and the highest two-quarter result on record. That pace would represent more than 38% growth from last year's $65.1B, defying an expected 30% year-over-year drop for 2026 after a record 2025. DiNapoli attributed the strength to a boom in artificial intelligence spending, increased merger and acquisition activity, and elevated trading volumes amid market volatility, with all revenue lines rising except commodities trading. The industry contributed at least $7.8B to New York City's budget in FY2026, up almost 16%, and at least $26.3B to the state's budget in FY 2025-2026, up almost 29%. Employment reached 207,400 jobs in 2025, about 7,000 higher than the prior year, and is on pace to add 5,400 jobs this year, while the average annual salary rose to a record 561,770 in 2025, up 11%, and the 2025 bonus pool hit a record $49.2B, up 9%.

Impact on assets 5

Financials▲
Goldman Sachs Group Inc
GS
▲ PositiveCapitalrelevance

Record Wall Street broker/dealer profits, driven by AI spending, M&A, and trading volumes, benefit Goldman Sachs as a major investment bank.

Morgan Stanley
MS
▲ PositiveCapitalrelevance

Booming M&A and trading volumes that drove record securities-industry profits favor Morgan Stanley's investment banking and trading operations.

Digital Finance & Tokenization▲
JPMorgan Chase & Co
JPM
▲ PositiveCapitalrelevance

Record industry profits from M&A and trading activity lift JPMorgan Chase as a leading Wall Street broker/dealer.

Artificial Intelligence▲
NVIDIA Corporation
NVDA
▲ PositiveDemandrelevance

The article attributes Wall Street profit strength to a boom in artificial intelligence spending, indirectly pointing to demand for NVIDIA's AI products.

Consumer Discretionary▲