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Wall Street Fat Cat Bonuses Up 17% In 2009
By
Jen Chung
Published Feb 23, 2010
Modified Feb 23, 2010
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By
Jen Chung
Published Feb 23, 2010
Modified Feb 23, 2010
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Okay, so maybe not all Wall Street types are fat cats—but it was certainly a fatter year, as NY State Comptroller Thomas DiNapoli revealed that bonuses for 2009 were 17% higher, at $20.3 billion. His office press release states, "Total compensation at the largest securities firms grew even faster and industry profits could exceed an unprecedented $55 billion in 2009, nearly three times greater than the previous all-time record. In 2008, the industry lost a record $42.6 billion."
Some other facts: While Wall Street only accounts for 5% of the jobs in NYC, its wages account for 24% of what's paid to NYC workers (using 2008 figures); the average taxable bonus rose to $123,850; and "Compensation at Goldman Sachs, Morgan Stanley, and JPMorgan Chase Investment Bank...increased by 31 percent in 2009. Average compensation rose by 27 percent to more than $340,000."
DiNapoli said, "Wall Street is vital to New York’s economy, and the dollars generated by the industry help the state’s bottom line. But for most Americans, these huge bonuses are a bitter pill and hard to comprehend. There’s a lot of resentment against the industry over its role in the global economic meltdown. Taxpayers bailed them out, and now they’re back making money while many New York families are still struggling to make ends meet." He called for firms to engage in less risky behavior and for more regulations.
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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