New York City’s most important economic sector lies in its role as the headquarters for the U.S. financial industry, metonymously known as Wall Street. 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 the city’s private sector jobs, 8.5 percent (US$3.8 billion) of its tax revenue, and 22 percent of the city’s total wages, including an average salary of US$360,700. Many large financial companies are headquartered in New York City, and the city is also home to a burgeoning number of financial startup companies.
Lower Manhattan is home to the New York Stock Exchange, on Wall Street, and the NASDAQ, at 165 Broadway, representing the world’s largest and second largest stock exchanges, respectively, when measured both by overall average daily trading volume and by total market capitalization of their listed companies in 2013. Investment banking fees on Wall Street totaled approximately $40 billion in 2012, while in 2013, senior New York City bank officers who manage risk and compliancefunctions earned as much as $324,000 annually. In fiscal year 2013–14, Wall Street’s securities industry generated 19% of New York State’s tax revenue. New York City remains the largest global center for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy. In July 2013, NYSE Euronext, the operator of the New York Stock Exchange, took over the administration of the London interbank offered rate from the British Bankers Association. New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managersheadquartered in Manhattan are important participants in other global financial centers. New York is also the principal commercial banking center of the United States.
Many of the world’s largest media conglomerates are also based in the city. Manhattan contained over 500 million square feet (46.5 million m2) of office space in 2015, making it the largest office market in the United States, while Midtown Manhattan, with nearly 400 million square feet (37.2 million m2) in 2015, is the largest central business district in the world.
Walking from World Trade Center to Wall Street in Downtown Manhattan, New York City
New York City 