Wall Street bonuses hit an all-time high in 2024, with the total payout reaching $47.5 billion, according to New York State Comptroller Thomas P. DiNapoli’s annual estimate. The surge marks a 34% jump from the previous year and is the largest bonus pool on record since tracking began in 1987.
The average bonus for securities industry employees in New York City climbed to $244,700—up 31.5% from 2023. DiNapoli attributed the increase to robust financial performance, with Wall Street’s profits rising 90% over the year.
“The record high bonus pool reflects Wall Street’s very strong performance in 2024,” DiNapoli said. “This financial market strength is good news for New York’s economy and our fiscal position, which relies on the tax revenue it generates.”
The securities industry in New York also reached a historic employment milestone, surpassing its previous peak from 2000. The number of employees rose to 201,500, up from 198,400 the year before. However, while New York remains the nation’s financial hub, its share of securities jobs has declined from 33% in 1990 to 18% in 2024 as firms expand operations nationwide.
Wall Street’s strong performance significantly boosted state and city tax revenues. The estimated 2024 bonus payouts are expected to generate an additional $600 million in state income tax revenue and $275 million for New York City. Last year, the securities industry contributed 19% of the state’s total tax collections and 7% of city tax revenue.
The Governor’s proposed budget anticipated a 16.4% rise in finance and insurance sector bonuses, while the city’s financial plan projected a 16.5% increase in securities industry bonuses. Given the actual bonus growth, tax revenues should meet or exceed these expectations.
Wall Street’s influence extends beyond finance, driving demand for commercial real estate. Financial firms continue to have one of the highest return-to-office rates in the city, with 60% of employees attending in person, compared to 56% in the private sector overall. Major firms such as JP Morgan Chase and BlackRock are expanding their presence, fueling commercial leasing activity.
DiNapoli’s annual estimate is based on personal income tax withholding trends and includes cash bonuses earned in 2024, along with deferred payouts from previous years. It excludes stock options and other deferred compensation that has not yet been taxed.
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