Wall Street Jobs and Profits Down…But Bonuses Up
Not even a downturn in profits can dissuade Wall Street from rewarding itself with higher bonuses.
And although Wall Street produces only 5% of the New York City’s jobs, it accounts for 22% of its wages.
DiNapoli’s office announced that the average bonus climbed to $164,530 in 2012, making it the largest bonus since 2007, the year before the financial crisis. The average income of Wall Street employees, including both salary and bonuses, was $360,700 in 2012—more than five times higher than the average income in the private sector.
Bonus payouts totaled $26.7 billion despite the fact that profits overall were down 30% on Wall Street.
Employment also dropped last year, by 1.2%, marking the second consecutive year of declines.
New York City officials were happy to hear about the increases in bonuses, because it will mean more tax dollars.
DiNapoli estimated that the city can expect $100 million more in tax revenue over what had been projected, thanks to the financial industry’s higher bonuses.
To Learn More:
Average Wall St. Bonus Increased by 15% in 2013 (by William Alden, New York Times)
Wall Street Bonuses Went Up In 2013 (Office of the State Comptroller)
Wall Street Recession Strategy: Fire People and Give Survivors a Raise (by Noel Brinkerhoff, AllGov)
Wall Street CEOs Got 20% Raises Last Year…Did You? (by Noel Brinkerhoff, AllGov)
Obama Defends Bank CEO Bonuses (by Noel Brinkerhoff, AllGov)
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