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Wall Street Headed for Record Profits in 2009

HeadlineNov 18, 2009

New government figures show Wall Street is on pace to have its most profitable year to date. On Tuesday, the New York Comptroller Office said Wall Street profits are set to exceed the record set three years ago, before the onset of the nation’s financial meltdown. The four largest firms — Goldman Sachs, Merrill Lynch, Morgan Stanley and JPMorgan Chase — took in $22.5 billion in profits through September. The top six banks set aside $112 billion for salaries and bonuses over the same period. In a statement, New York Comptroller Thomas DiNapoli said, “The national economy is slowly improving, but Wall Street has recovered much faster than anyone had envisioned.”

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