Editing Wall Street (section)

====In the New York economy====
Finance professor Charles R. Geisst wrote that the exchange has become "inextricably intertwined into New York's economy".<ref name="nyt20011012" /> Wall Street pay, in terms of salaries and bonuses and taxes, is an important part of the economy of [[New York City]], the [[Tri-State area (NY-NJ-CT)|tri-state metropolitan area]], and the [[Economy of the United States|United States]].<ref name="nyt20080726" /> Anchored by Wall Street, New York City has been called the world's most economically powerful city and leading [[financial center]].<ref>See: * {{cite web|url=https://www.reuters.com/article/us-survey-banks/new-york-surges-ahead-of-brexit-shadowed-london-in-finance-survey-idUSKBN1ZQ0BE|title=New York surges ahead of Brexit-shadowed London in finance: survey|first=Huw|last=Jones|publisher=Reuters|date=January 27, 2020|access-date=January 27, 2020|archive-date=January 27, 2020|archive-url=https://web.archive.org/web/20200127114217/https://www.reuters.com/article/us-survey-banks/new-york-surges-ahead-of-brexit-shadowed-london-in-finance-survey-idUSKBN1ZQ0BE|url-status=live}} * {{cite web|url=https://www.reuters.com/article/us-survey-markets/united-states-top-britain-second-in-financial-activity-think-tank-idUSKCN1LK2TM|title=United States top, Britain second in financial activity: think-tank|first=Huw|last=Jones|publisher=Thomson Reuters|date=September 4, 2018|access-date=September 4, 2018|archive-date=October 31, 2020|archive-url=https://web.archive.org/web/20201031103124/https://www.reuters.com/article/us-survey-markets/united-states-top-britain-second-in-financial-activity-think-tank-idUSKCN1LK2TM|url-status=live}} * {{cite news |url=http://www.citylab.com/work/2015/03/sorry-london-new-york-is-the-worlds-most-economically-powerful-city/386315/ |title=Sorry, London: New York Is the World's Most Economically Powerful City |first=Richard |last=Florida |newspaper=Bloomberg.com |publisher=The Atlantic Monthly Group |date=March 3, 2015 |access-date=March 25, 2015 |quote=Our new ranking puts the Big Apple firmly on top. |archive-date=March 14, 2015 |archive-url=https://web.archive.org/web/20150314002727/http://www.citylab.com/work/2015/03/sorry-london-new-york-is-the-worlds-most-economically-powerful-city/386315/ |url-status=live }} * {{cite web |url=http://www.businessinsider.com/top-8-cities-by-gdp-china-vs-the-us-2011-8 |title=Top 8 Cities by GDP: China vs. The U.S. |publisher=Business Insider, Inc |date=July 31, 2011 |access-date=October 28, 2015 |archive-date=October 16, 2015 |archive-url=https://web.archive.org/web/20151016233339/http://www.businessinsider.com/top-8-cities-by-gdp-china-vs-the-us-2011-8 |url-status=live }} * {{cite web |url=http://www.philippineairlines.com/news-and-events/pal-advises-passengers-come-airport-early-2/ |title=PAL sets introductory fares to New York |publisher=Philippine Airlines |access-date=March 25, 2015 |archive-date=March 27, 2015 |archive-url=https://web.archive.org/web/20150327052843/http://www.philippineairlines.com/news-and-events/pal-advises-passengers-come-airport-early-2 |url-status=dead }}</ref><ref>[https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/gfci-28-explore-data/gfci-28-rank/ GFCI 28 Rank] {{Webarchive|url=https://web.archive.org/web/20201104141441/https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/gfci-28-explore-data/gfci-28-rank/ |date=November 4, 2020 }} Accessed September 26, 2020.</ref> As such, a falloff in Wall Street's economy could have "wrenching effects on the local and regional economies".<ref name="nyt20080726" /> In 2008, after a downturn in the stock market, the decline meant $18 billion less in taxable income, with less money available for "apartments, furniture, cars, clothing and services".<ref name="nyt20080726">{{cite news |first=Patrick |last=McGeehan |title=City and State Brace for Drop in Wall Street Pay |newspaper=The New York Times |date=July 26, 2008 |url=https://www.nytimes.com/2008/07/26/nyregion/26pay.html |access-date=January 14, 2010 |archive-date=October 24, 2020 |archive-url=https://web.archive.org/web/20201024221802/https://www.nytimes.com/2008/07/26/nyregion/26pay.html |url-status=live }}</ref>

Estimates vary about the number and quality of financial jobs in the city. One estimate was that Wall Street firms employed close to 200,000 persons in 2008.<ref name="nyt20080726" /> Another estimate was that in 2007, the financial services industry which had a $70 billion profit became 22 percent of the city's revenue.<ref name="nyt20090223">{{cite news |first=Patrick |last=McGeehan |title=After Reversal of Fortunes, City Takes a New Look at Wall Street |newspaper=The New York Times |date=February 22, 2009 |url=https://www.nytimes.com/2009/02/23/nyregion/23wall.html |access-date=January 15, 2011 |archive-date=October 24, 2020 |archive-url=https://web.archive.org/web/20201024004341/https://www.nytimes.com/2009/02/23/nyregion/23wall.html |url-status=live }}</ref> Another estimate (in 2006) was that the financial services industry makes up 9% of the city's work force and 31% of the tax base.<ref>{{cite news |first=Heather |last=Timmons |title=New York Isn't the World's Undisputed Financial Capital |newspaper=The New York Times |date=October 27, 2006 |url=https://www.nytimes.com/2006/10/27/business/worldbusiness/27london.html |access-date=January 15, 2011 |archive-date=October 29, 2020 |archive-url=https://web.archive.org/web/20201029172402/https://www.nytimes.com/2006/10/27/business/worldbusiness/27london.html |url-status=live }}</ref> An additional estimate from 2007 by [[Steven Malanga|Steve Malanga]] of the [[Manhattan Institute]] was that the securities industry accounts for 4.7 percent of the jobs in New York City but 20.7 percent of its wages, and he estimated there were 175,000 securities-industries jobs in New York (both Wall Street area and midtown) paying an average of $350,000 annually.<ref name="nyt20071014" /> Between 1995 and 2005, the sector grew at an annual rate of about 6.6% annually, a respectable rate, but that other financial centers were growing faster.<ref name="nyt20071014" /> Another estimate, made in 2008, was that Wall Street provided a fourth of all personal income earned in the city, and 10% of New York City's tax revenue.<ref>{{cite news |first=Patrick |last=McGeehan |title=As Financial Empires Shake, City Feels No. 2 on Its Heels |newspaper=The New York Times |date=September 12, 2008 |url=https://www.nytimes.com/2008/09/13/nyregion/13rivalry.html |access-date=January 15, 2011 |archive-date=October 28, 2020 |archive-url=https://web.archive.org/web/20201028043325/https://www.nytimes.com/2008/09/13/nyregion/13rivalry.html |url-status=live }}</ref>  The city's securities industry, enumerating 163,400 jobs in August 2013, continues to form the largest segment of the city's financial sector and an important economic engine, accounting in 2012 for 5 percent of private sector jobs in New York City, 8.5 percent (US$3.8 billion) of the city's tax revenue, and 22 percent of the city's total wages, including an average salary of US$360,700.<ref>{{cite web |url=http://www.osc.state.ny.us/osdc/rpt7-2014.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.osc.state.ny.us/osdc/rpt7-2014.pdf |archive-date=October 9, 2022 |url-status=live |title=The Securities Industry in New York City |first1=Thomas P.|last1=DiNapoli|first2=Kenneth B.|last2=Bleiwas |date=October 2013 |access-date=July 30, 2014}}</ref>

The seven largest Wall Street firms in the 2000s were [[Bear Stearns]], [[JPMorgan Chase]], [[Citigroup]], [[Goldman Sachs]], [[Morgan Stanley]], [[Merrill Lynch]] and [[Lehman Brothers]].<ref name="nyt20080726" /> During the recession of 2008–10, many of these firms, including Lehman, went out of business or were bought up at firesale prices by other financial firms. In 2008, Lehman filed for bankruptcy,<ref name="guardian20101007" /> [[Bear Stearns]] was bought by [[JPMorgan Chase]]<ref name="guardian20101007" /> forced by the [[Federal government of the United States|U.S. government]],<ref name="npr20080317" /> and [[Merrill Lynch]] was bought by [[Bank of America]] in a similar shot-gun wedding. These failures marked a catastrophic downsizing of Wall Street as the financial industry goes through restructuring and change. Since New York's financial industry provides almost one-fourth of all income produced in the city, and accounts for 10% of the city's tax revenues and 20% of the state's, the downturn has had huge repercussions for government treasuries.<ref name="nyt20080726" /> New York's mayor [[Michael Bloomberg]] reportedly over a four-year period dangled over $100 million in tax incentives to persuade Goldman Sachs to build a 43-story [[headquarters]] in the [[Financial District (Manhattan)|Financial District]] near the destroyed World Trade Center site.<ref name="nyt20090223" /> In 2009, things looked somewhat gloomy, with one analysis by the [[Boston Consulting Group]] suggesting that 65,000 jobs had been permanently lost because of the downturn.<ref name="nyt20090223" /> But there were signs that Manhattan property prices were rebounding with price rises of 9% annually in 2010, and bonuses were being paid once more, with average bonuses over $124,000 in 2010.<ref name="guardian20101007" />