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 This material may not be published, broadcast, rewritten or redistributed.)
- 7 common ways to get sued by your employees
- Why it might be time to upgrade your toilet
- Arizona teachers are building a better future by using technology in the classroom
- How to make summer reading fun for the whole family
- How to find relief for chronic joint pain
- Can the NBA Lottery save the Suns?
- Skip Urgent Care: 5 ailments you can treat with telemedicine
- Skin Cancer in Arizona: Stats, facts and new immunotherapy drugs making strides
- Distracted walking injuries end up not so funny
- Scary situations: 5 quick tips before you let a contractor in your home
- Four ways telemedicine is changing the health care industry
- 5 mistakes homeowners make in the spring
- Three rivers run through it: Exploring Arizona's waterways
- Smart home basics: things you need to know to get started
- 5 Surprising things causing back pain
- Arizona agriculture is a $17.1B industry
- Timeline: Arizona's roots in brewing history
- 5 reasons to love the D-backs this season
- Tips for taking your home entertainment experience to the backyard
- Tech-related injuries your parents never experienced
- Workers comp: Signs your co-worker could be a fraud
- Who's the real founder of America's pastime?
- Epidemic rising? What you need to know about Alzheimer's in Arizona
- 5 unforgettable Wooden Award winners
- Family and hard work are keys to success of modern dairy farmers
- Genetic testing could hold answers for colon cancer survival
- Cold beers and baseball: A beer lover's guide to Spring Training
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments