New York City's economic dependence on Wall Street

Challenge, March-April, 1999

Table 2

Ten Largest U.S. Securities Firms

Bear, Stearns & Co. Inc. Credit Suisse First Boston Corp. Dean Witter Reynolds Inc. Goldman, Sachs & Co. Lehman Brothers Inc. Merrill Lynch, Pierce, Fenner & Smith Inc. Morgan Stanley & Co. Inc. Paine Webber Inc. Salomon Brothers Inc. Smith Barney Inc.

Total 1997 securities broker-dealer pretax profits nationwide $12.2 billion

Share of 10 largest firms, all NYC based 48%

Sources: Securities Industry Association, New York Stock Exchange.

Note: Since 1997, Dean Witter and Morgan Stanley have merged, and Salomon and Smith Barney have merged.

This article is based on a report issued by New York State Comptroller H. Carl McCall on August 13, 1998. It was prepared primarily by James Parrott, with Marcia Van Wagner, Michael Brisson, Diane Diamond, Peter Hatch, Michelle Holder, Maureen Ryan, and Sandy Stevenson. The full report is available on the State Comptroller's Web site: www.osc.state.ny.us/divisions/press_office/reports/nyc/898/wall98.htm or at www.osc.state.ny.us/divisions/osdc/rpt599/goto599.htm. The Office of the State Deputy Comptroller (OSDC) was established in the aftermath of New York City's 1975 fiscal crisis to monitor the city's budget. Kathleen Grimm is the assistant deputy comptroller in charge of OSDC.