The role of the securities industry in New York City’s economy has changed since the financial crisis. The industry is smaller after shedding 8 percent of its jobs since 2007, while the rest of the City’s private sector has grown by 17 percent.

Since the 2008 financial crisis, New York City’s economy has become more diversified and less dependent on the securities industry.

Securities industry pretax profits grew by 42 percent in 2017 on higher revenue from core activities. That momentum has carried into 2018, with profits rising by 11 percent during the first half of 2018.

Despite slower global economic growth and trade tensions, pretax profits for the securities industry grew by nearly 11 percent in the first half of 2019, reaching $15.1 billion, the best first half in a decade.

Average Wall Street bonuses in 2007 declined 4.7 percent from record levels in the prior year to $180,420 even though the credit crunch and market turmoil battered profits.

Cash bonuses paid by Wall Street firms to their New York City employees declined by 44 percent in 2008 in response to record losses suffered by the securities industry.

Wall Street bonuses paid to New York City securities industry employees rose by 17 percent to $20.3 billion in 2009.

Cash bonuses paid to New York City securities industry employees declined by nearly 8 percent to $20.8 billion in 2010, about one third less than paid out in 2007 before the financial crisis.

Cash bonuses paid to New York City securities industry employees are forecast to decline by 14 percent to $19.7 billion during this year’s bonus season.

Cash bonuses paid to New York City securities industry employees are forecast to rise by 8 percent to $20 billion during this year’s bonus season.