Money Making Wall Street Raking It In.

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There’s a good reason that financial culture is plays such a large role in New York City—because so much of the money that flows into and through the city runs from Wall Street. Although the financial sector makes up less than ten percent of the city’s work force, it takes in 21% of the total wages. In short, Wall Street is bringing lots and lots money into the city.
And this doesn’t just pour into the pockets of Wall Street’s golden boys and their lunch dates at Spotted Pig. The city itself is filling its coffers with record high tax collections, on track to beat the boom era tax take of 2001.
Despite increasing average salaries and bigger bonuses, Wall Street has not yet fully recovered from the downturn of a few years ago. Employment is still below 2000 levels, and may be set to stay lower as firms make more use of electronic trading, outsourcing and other innovations to lower overhead from personnel costs.
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Securities Industry Increases Profits, Jobs in New York City [Wall Street Journal]

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