ALBANY, N.Y. (AP) – Wall Street cash bonuses for 2012 are expected to rise 8 percent to $20 billion, partly driven by deferred payments from previous years, New York’s state comptroller reported Tuesday.
The analysis shows the securities industry is still restructuring since the 2008 financial crisis, with almost 20,000 _ or 10 percent _ fewer jobs in New York City, Comptroller Thomas DiNapoli said. The 169,700 jobs in December were down 1,000 from a year before. He said the jobs were not migrating to other cities and to expect some continued downsizing.
“Profits and bonuses rebounded in 2012, but the industry is still restructuring,” DiNapoli said. “Despite its smaller size, the securities industry is still a very important part of the New York City and New York State economies.”
Wall Street’s employment peak was 200,300 in December 2000, the comptroller’s office said.
According to DiNapoli’s report, profits for broker/dealer operations of some 200 New York Stock Exchange members _ the traditional measure of profitability for the securities industry _ totaled nearly $24 billion last year, triple their 2011 earnings. Other activities of the large bank holding companies were less profitable last year.
The average securities industry salary, including bonuses, rose slightly to almost $362,900 in 2011, higher than before the crisis and more than five times higher than the $68,000 average in the rest of the city’s private sector. The 2012 wage data was not available Tuesday.
The average cash bonus rose an estimated 9 percent to $121,900 last year.
New York still has more securities industry jobs than any other state, nearly 2.5 times as many as California, with 90 percent of those jobs in the city, the comptroller’s office reported. Personal and business income tax collections from Wall Street and related activities accounted for up to 20 percent of the state’s tax revenues before the crisis, dropping to 14 percent last year.
The office reported personal income tax withholding collections in New York City were 15 percent higher in December from the year before, with taxpayers shifting $2.5 billion of income like bonuses largely to avoid higher federal tax rates in 2013.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon