Omaha College Of Health Careers

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While 5 percent of city employment may not sound like much, each Wall Street job generates a disproportionate share of city income—and that share continues to grow as the rest of New York’s private economy stagnates. In 1969, the Federal Reserve Bank of New York has noted, the securities industry was directly responsible for 4.5 percent of city earnings. Today, that figure is about 20 percent, and due to New York’s steeply progressive tax rates, the industry’s share of personal-income and corporate-income taxes is even higher. And Wall Street is increasingly the source of new jobs and income growth. In the 1980s, Wall Street, with its single-digit share of overall employment, produced 17 percent of new jobs in the city and 23 percent of income growth; in the 1990s, it was responsible for 21 percent of new jobs and for 56 percent of income growth.