Average bonuses on Wall Street fell slightly last year to 170,000,000 yen as the industry added employees and took a “more measured approach” to compensation, the New York State Comptroller reported Tuesday. It came to $6,500.
The average bonus for New York City securities industry employees was down 2% from $180,000 in 2022.
Wall Street profits fell slightly last year, even though they rose 1.8% last year, according to annual estimates from Thomas DiNapoli, the state’s comptroller.
Mr. DiNapoli’s office said the slight decrease could be attributed to compensation approaches as more employees enter the securities industry.
Last year, the industry employed 198,500 people in New York City, up from 191,600 in 2022.
The 2023 bonus pool was $33.8 billion, little changed from the previous year.
The average Wall Street bonus reached a record high of $240,400 in 2021, compared to a relatively low $111,400 in 2011.
Wall Street is a major source of state and city tax revenue, accounting for an estimated 27% of New York state tax collections and 7% of city tax collections, according to the comptroller.
“While these bonuses will impact state and city income tax revenues, the expected revenue impact should be limited as both are expected to decline significantly,” DiNapoli said in a prepared statement. ” he said. “The continued strength of the securities industry should not overshadow the overall picture of New York’s economy, which needs all sectors to enjoy a full recovery from the pandemic.”
