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New York State Comptroller Thomas DiNapoli said Tuesday that Wall Street bonuses fell slightly last year despite an increase in industry profits.
The average annual cash bonus on Wall Street in 2023 will be $176,500, down 2% from $180,000 in 2022, according to DiNapoli’s annual estimates.
A man walks in front of the New York Stock Exchange in New York City. (Spencer Pratt/Getty Images/Getty Images)
The industry’s profits rose 1.8% last year. DiNapoli attributed the drop in pay to the growing number of workers in the securities industry and companies taking a “more measured approach to compensation.”
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| ticker | safety | last | change | change % |
|---|---|---|---|---|
| Me: DJI | Dow Jones Average | 39060.6 | +270.17 | +0.70% |
| I: Comp | Nasdaq Composite Index | 16152.252093 | +48.80 | +0.30% |
| SPX | Na | Na | Na | Na |
“The average cash bonus on Wall Street was slightly lower than last year as market volatility continued and more people started working at brokerage firms,” DiNapoli said in a statement.
Stock trader Peter Tuchman looks at a clipboard on the floor as the closing bell of the New York Stock Exchange rings in New York, December 30, 2022. (Timothy A. Clary/AFP) (Photo by Timothy A. Clary/AFP, Getty Images/Getty Images)
Wall Street’s total bonuses for 2023 will be $33.8 billion, roughly in line with 2022 payouts. This is a significant decrease from the 25% growth in 2020 ($37.1 billion) and the 15% jump in 2021 ($42.7 billion). .
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The comptroller noted that Wall Street bonuses have a significant impact on corporate budgets. new york city States account for 7% and 27.4% of the collection, respectively.
Traders work as the opening bell rings at the New York Stock Exchange on Wall Street in New York City on August 16, 2022. ((Photo by Angela Weiss/AFP via Getty Images)/Getty Images)
But the slight drop in revenue likely won’t have much of an impact on either in the short term, as officials anticipate a decline in fiscal year 2023 and plan for the future.
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Last year, the securities industry employed approximately 198,500 people in New York City, up from 191,600 in 2022. DiNapoli estimates that one in every 11 of his jobs in the city are directly or indirectly related to the securities industry.
