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Wall Street Bonuses Rose 15 Percent Last Year To Highest Point Since Financial Crises
By
Rebecca Fishbein
Published Mar 13, 2014
Modified Mar 13, 2014
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By
Rebecca Fishbein
Published Mar 13, 2014
Modified Mar 13, 2014
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The average Wall Street securities industry worker took home $164,000 in bonus cash last year, the highest bonus average since Lehman Brothers came tumbling down in 2008. You can all go breathe a collective sigh of relief before vomiting on your collection of paper airplanes constructed from 1099s.
We're told this increase is Good News for the economy; NY state Comptroller Tom DiNapoli says the 15 percent bonus uptick suggests the city will generate significantly more tax revenue. "Whatever anyone’s opinion of Wall Street, it is still an important part of the city’s economy," he said yesterday. Which is all well and good, though it's interesting to note that some of this cash may simply be money that was withheld by Wall Street firms in the wake of the financial crisis.
And while bonuses have gone up, both jobs and profits on Wall Street have gone down; the former has decreased 12.6 percent since 2007, and the latter fell 30 percent from last year. But you needn't cry for the fat cats—DiNapoli notes that the numbers are "still strong by historical standards."
In 2012, the average Wall Street salary was $360,7000, though that number does factor in the bonuses. In other news, Bank of America froze my account because I tried to buy a monthly MetroCard, so I'm going to need someone to bring me a sandwich today.
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money
thomas dinapoli
wall street
Rebecca Fishbein
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