International Courant
NEW YORK — The common Wall Avenue bonus fell barely final yr to $176,500 because the trade added employees and took a “extra cautious method” to compensation, the New York state comptroller mentioned Tuesday.
The common bonus for employees in New York Metropolis’s securities trade was down 2% from $180,000 in 2022. The slight decline got here at the same time as earnings on Wall Avenue rose 1.8% final yr, in response to Thomas’ annual estimate DiNapoli, the state comptroller.
DiNapoli’s workplace mentioned the slight decline could possibly be attributed to the compensation method as extra employees joined the securities trade.
Final yr the trade employed 198,500 individuals in New York Metropolis, in comparison with 191,600 in 2022.
For 2023, the bonus pool was $33.8 billion, which is essentially unchanged from the earlier yr.
The common Wall Avenue bonus reached an all-time excessive of $240,400 in 2021, in comparison with a relative low of $111,400 in 2011.
Wall Avenue is a significant supply of state and metropolis tax income, accounting for an estimated 27% of New York State tax income and seven% of metropolis tax income, the comptroller mentioned.
“Whereas these bonuses influence state and metropolis revenue tax revenues, each are budgeted for bigger declines, so the influence on projected revenues must be restricted,” DiNapoli mentioned in a ready assertion. “The continued power of the securities sector mustn’t overshadow the broader financial image. in New York, the place we’d like all sectors to totally get better from the pandemic.”
