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Wall Street bonuses: Average worker got $176,500 bonus

The average Wall Street bonus saw a marginal decrease to $176,500 in 2023, marking a 2% dip from the previous year, revealed New York State Comptroller Thomas P. DiNapoli. Despite a modest 1.8% growth in profits, the expansion of the workforce in the securities industry contributed to the slight reduction in individual bonuses. Comptroller DiNapoli emphasized the importance of Wall Street’s economic contribution, while also noting the necessity for a holistic recovery across all sectors in New York post-pandemic.

The total bonus pool for 2023 remained stable at $33.8 billion, mirroring the previous year’s figure and highlighting a cautious compensation approach by firms amidst ongoing market fluctuations. This level of payout is somewhat above the pre-pandemic high yet falls short of the significant increases seen in 2020 and 2021. DiNapoli’s analysis underlines the pivotal role of securities industry bonuses in fueling state and city tax revenues, with the industry generating a substantial portion of tax collections for both.

The employment and economic impact of the securities industry on New York City remains substantial, with the sector employing approximately 198,500 individuals in 2023. The securities industry not only influences the city’s employment landscape but also boosts local economic activity through increased office attendance and public transportation usage among its workforce. As Wall Street navigates the complexities of market volatility, its enduring significance to New York’s economy and fiscal health is undeniable.

Categories: New York StateNews