X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-While the securities industry had a strong first half of 2013—reporting profits of $10.1 billion—uncertainty in Washington and some changing conditions threaten earnings in the second half of the year, according to a new report, released Tuesday, by New York State Comptroller Thomas DiNapoli. Rising interest rates, litigation costs and the uncertainty created in Washington D.C. could limit overall earnings for the year to $15 billion.

“The political gridlock in Washington may take a bite out of the securities industry’s profits for the fourth quarter,” DiNapoli says. “Washington’s inability to resolve budget and fiscal issues is bad for business. Wall Street has undergone substantial changes since the financial crisis yet it remains profitable, contributing to the improved finances of New York City and New York state. Failure to resolve the federal budget and debt ceiling impasse could disrupt the economy and hurt New York City and New York state.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.