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March 1, 2012

Wall Street profits down by half

“Wall Street profits were down by half in 2011 and cash bonuses fell too — and many in the industry say tightened oversight pressed by President Barack Obama is the reason.”

“Profits at banks and brokerage houses tumbled to $13.5 billion last year from $27.6 billion, according to a report out Wednesday from the Office of the New York State Comptroller Tom DiNapoli. The report also found that average cash bonuses slid 13 percent to $121,000, while firms laid off 4,300 employees during the last nine months of 2011.”

“‘Typical Wall Street, they blame everything on regulation,’ said Dennis Kelleher, president and CEO of the nonprofit advocacy group Better Markets. “The cost of complying with very modest financial regulation is minuscule compared to their tens of billions in revenues, profits and compensation. Those costs are also nothing compared to the benefit of preventing Wall Street from causing another financial crisis and sticking their hands in the pockets of American taxpayers for more bailouts.”


Read full POLITICO article here.

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