Wall Street

Ellen Abbott / WRVO file photo

New York state has received a multi billion dollar windfall from bank settlements this year, but a new report from the state comptroller shows the settlement took a bite out of Wall Street profits in 2014, which could have repercussions for the state budget in the future.

State Comptroller Tom DiNapoli reports Wall Street profits are down by 13 percent so far in 2014, compared to the previous year, 2013, when profits had already shrunk by 30 percent.

“Certainly we’re seeing profits, but down from what we saw last year,” DiNapoli said.

Against the backdrop of Wall Streets' storied history, Daniel talks about the volatility and potential in today's marketplace.

A report by the state’s comptroller finds that the dysfunction in Washington may take a bite out of Wall Street profits for the remainder of this year.

The analysis by New York state Comptroller Tom DiNapoli finds the recent gridlock in Congress, higher interest rates, and the JP Morgan $13 billion settlement over bad mortgages is contributing to lower earnings and profits for New York’s financial industry.

Profits on Wall Street are going to be up this year, according to a new report from the New York state comptroller, but are still below their pre-recession highs. The report also finds fewer job losses in the securities industry, and many economic uncertainties ahead.