Wall Street bonuses hit a record high of $257,500 per worker last year
Wall Street workers received an average of $257,500 in bonuses last year, marking a record high, according to a reportThe bumper bonus was a 20% jump over the previous record high, which was recorded in 2020, per the report. Overall, the bonus pool in New York City's securities industry grew 21% on-year to $45 billion in 2021.
"Wall Street's soaring profits continued to beat expectations in 2021 and drove record bonuses," DiNapoli wrote in the report. Workers in securities sectors make up just 5% of private-sector employees in New York City, said the report. Their wages, however, account for 20% of the city's total private sector wages. This means they are also a major source of revenue: The securities industry accounted for 18% of state tax collections in the 2021 fiscal year, DiNapoli estimated in the report.the average bonus in the securities industry has more than doubled since the 2008 financial crisis.
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