Wall Street's bonus pool rose 31% from 2024 last year as Fatcat Bankers scored rakes in an eye-opening $244,700 average of $244,700.
Data released by New York State Secretary Thomas P Dinapoli found that financiers saw numbers swell to a whopping $47.5 billion a year, the first major surge since the coronavirus pandemic.
This is the highest number since the record began in 1987, up 34% from the bonus pool last year's $35.4 billion.
Dinapoli estimates focus solely on cash bonuses, not deferred compensation such as stock options.
The survey said the increase in compensation was due to New York banks eventually bounced back from the Covid-19 lockdown.
It noted that the city's financial industry profits “were increased 90% in 2024”, driven by stronger transactions, underwriting and transaction revenues.
“The record-breaking bonus pool reflects Wall Street's extremely strong performance in 2024,” DiNapoli said. The strengths of this financial market are good news for New York's economy. ”
But in a thin dig into President Donald Trump's tariff and trade war, DiNapole warned this year that this trend could soon turn around.
“Increasing economic uncertainty amid a major change in federal policy could undermine the outlook for some in the securities industry in 2025,” a Democratic politician added.
With increased profits, Wall Street jobs have “already reached the highest annual level in nearly 30 years.”
The Secretary said 201,500 working in New York's financial industry, exceeding the previous peak seen in 2000 from 198,400 the previous year.
Dinapoli added that Wall Street accounts for 19% of New York's total tax-collecting states and TOAL of 7% of the city's revenue year, highlighting the industry's importance to the Big Apple.
Financial services companies have been responsible for a greater share of new leasing activities in the city since the pandemic, helping to promote the development of new property, the study added.
To further boost New York City's economic growth, we cited JPMorgan Chase's move to bring staff back to offices in a new 60-storey headquarters building in Midtown.
