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The average Wall Street bonus breaks records at nearly $250K, NY estimates
By
Catalina Gonella
Published Mar 27, 2025
Modified Mar 27, 2025
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By
Catalina Gonella
Published Mar 27, 2025
Modified Mar 27, 2025
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Wall Street bonuses surged in 2024, averaging a record-breaking $244,700, according to new state estimates.
That’s 31.5% higher than in 2023, according to state Comptroller Thomas DiNapoli. It’s part of an estimated pool of $47.5 billion for the 200,000 securities industry employees — the largest on record since the comptroller’s office started tallying the figures in 1987. The skyscraper-high bonus figures come alongside major gains in profits for New York Stock Exchange member firms, nearly doubling to about $50 million before taxes in 2024, and a slight year-over-year increase in employment in the industry.
The estimates also put the average bonus at more than three times the U.S. Census’ estimate for a median household income in New York City — a little shy of $80,000 in 2023.
DiNapoli described the bonus figures as good not only for Wall Street, but also the city and state overall.
“This financial market strength is good news for New York’s economy and our fiscal position, which relies on the tax revenue it generates,” he said in a statement.
DiNapoli said Wall Street accounted for 19% of the state’s tax collections in the fiscal year that ended in 2024, and 7% of city tax revenue. The bonus spike was projected to generate $600 million more in state income tax revenue and $275 million more for New York City revenue when compared to 2023, according to his calculations.
The comptroller said Wall Street represents a significant portion of New York City’s economy, with 1 in 11 jobs in the city directly or indirectly associated with the securities industry. In 2023, Wall Street was responsible for 18% of all its economic activity, according to DiNapoli
In a press briefing Wednesday, DiNapoli said that though Wall Street was expected to see continued strength through 2025, there’s still significant economic uncertainty.
“Questions over tariffs and federal funding have increased in some folks' minds the probability of a recession,” he said. “Obviously, we all hope to avoid such an outcome, which could not only slow recent growth on Wall Street, but could hurt everyday New Yorkers on Main Street.”
Mario G. Corzo, a professor of economics and finance at CUNY's Lehman College, said the high bonuses will have a positive effect on the city’s employment and overall economy. He said the industry is leading the effort to return workers back to the office, which he said has a positive impact on business in Manhattan.
“A nice part of it gets spent in the city, in entertainment, in hospitality, in the food industry, in the gaming industry, in the hotel industry,” he said.
DiNapoli’s estimates were based on personal income taxes, and only included cash bonuses in 2024, and bonuses deferred from previous years. The numbers did not include stock options or other forms of compensation for which taxes were not withheld.
This story has been updated to reflect that Professor Corzo is affiliated with Lehman College.
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economy
Catalina Gonella
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