The common Wall Road bonus fell barely final 12 months to $176,500 because the business added staff and took a “more cautious approach” to compensation, New York state’s comptroller reported Tuesday.
The common bonus for workers in New York Metropolis’s securities business was down 2% from $180,000 in 2022. The slight dip got here at the same time as Wall Road earnings had been up 1.8% final 12 months, in accordance with the annual estimate from Thomas DiNapoli, the state’s comptroller.
DiNapoli’s workplace mentioned the slight decline may very well be attributed to the compensation strategy as extra staff joined the securities business.
Final 12 months, the business employed 198,500 folks in New York Metropolis, which was up from 191,600 in 2022.
For 2023, the bonus pool was $33.8 billion, which is essentially unchanged from the earlier 12 months.
The common Wall Road bonus hit a document excessive $240,400 in 2021, in comparison with a relative low of $111,400 in 2011.
Wall Road is a significant supply of state and metropolis tax income, accounting for an estimated 27% of New York state’s tax collections and seven% of collections for the town, in accordance with the comptroller.
“While these bonuses affect income tax revenues for the state and city, both budgeted for larger declines so the impact on projected revenues should be limited,” DiNapoli mentioned in a ready assertion. “The securities industry’s continued strength should not overshadow the broader economic picture in New York, where we need all sectors to enjoy full recovery from the pandemic.”
