Wall Street profits drive average bonuses to a record $258K

Mar 23, 2022, 9:27 AM | Updated: 11:51 am

NEW YORK (AP) — Soaring profits on Wall Street helped drive up the average bonus paid to employees in New York City’s securities industry to a record $257,500 for last year, the state comptroller reported Wednesday.

The average securities industry bonus was 20% higher than 2020 and came out of a bonus pool that grew to $45 billion, according to annual estimates from state Comptroller Thomas DiNapoli.

DiNapoli cited pretax profits through the first three quarters of 2021 for broker/dealer operations on the New York Stock Exchange, which increased by 19.6% to $44.9 billion.

The securities industry accounts for one-fifth of private sector wages in New York City, despite comprising 5% of private sector employment. The industry also accounted for 18% of state tax collections and 7% of city tax collections in the governments’ 2021 fiscal years, according to DiNapoli.

The comptroller said that recent events could drive down near-term profitability and bonus payments.

“Markets are turbulent as other sectors’ recovery remains sluggish and uneven, and Russia wages an inexcusable war on Ukraine’s freedom,” DiNapoli said in a prepared statement. “In New York, we won’t get back to our pre-Covid economic strength until more New Yorkers and more sectors — retail, tourism, construction, the arts and others ­­– enjoy similar success.”

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

FILE - Grey clouds cover the sky over a building of the Credit Suisse bank in Zurich, Switzerland, ...
Associated Press

Credit Suisse posts $1.4B pre-tax loss as woes go on in 4Q

GENEVA (AP) — Credit Suisse on Thursday reported a pre-tax loss of more than 1.3 billion Swiss francs (about $1.4 billion) in the fourth quarter of last year, as its new managers vie to right the top-drawer Swiss bank that has faced a string of setbacks in recent years. The bank also announced the $175 […]
3 hours ago
Associated Press

3 dead in apartment building fire in Novosibirsk, Russia

MOSCOW (AP) — A gas explosion in an apartment building in the south-central Russian city of Novosibirsk Thursday morning killed three people, according to the latest reports from local authorities. Novosibirsk is the administrative capital of Siberia and Russia’s third-largest city by population. Regional Gov. Andrey Travnikov confirmed the deaths of three people, noting that […]
3 hours ago
FILE - A staff of Nissan car showroom wipes a car on Jan. 31, 2022, in Tokyo. Nissan reported a 55%...
Associated Press

Japan’s Nissan reports better profit as chip crunch eases

TOKYO (AP) — Nissan reported a 55% jump in October-December profit Thursday, as the Japanese automaker seeks to embark on a less bumpy journey with its French alliance partner Renault. Profit for the quarter at Yokohama-based Nissan Motor Co. totaled 50.6 billion yen ($386 million), up from 32.7 billion yen the previous year. Quarterly sales […]
3 hours ago
Heavy machinery moves coal as it is poured onto a stack near Muswellbrook in the Hunter Valley, Aus...
Associated Press

Australia rejects new coal mine on environmental grounds

CANBERRA, Australia (AP) — Australia has for the first time rejected a coal mining application based on environmental law. The government is under pressure to curb climate change by blocking all new coal and gas extraction projects. Australia is one of the world’s largest exporters of both fossil fuels, which are major sources of the […]
3 hours ago
Raqiya Abdsalam, who survived a bout of dengue fever, sits at her home in El-Obeid, Sudan on Januar...
Associated Press

Sudan’s tropical disease spike reflects poor health system

EL OBEID, Sudan (AP) — The two Sudanese women thought they had malaria and were taking their medication, but things took a dire turn. Both complained of a splitting headache and fever that didn’t respond to the anti-malaria treatment. By the time she was diagnosed with dengue fever, Raqiya Abdsalam was unconscious. “Soon after they […]
3 hours ago
FILE - Philippine President Ferdinand Marcos Jr. gestures during his speech at the 2022 Department ...
Associated Press

Japan, Philippines to sign plans to boost defense ties

TOKYO (AP) — Japan’s Prime Minister Fumio Kishida and Philippine President Ferdinand Marcos Jr. are expected to sign key agreements to boost their defense ties Thursday as Asia sees tensions around China’s growing influence. Marcos is visiting Japan soon after he and U.S. Secretary of Defense Lloyd Austin reached agreements on allowing the United States […]
1 day ago

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Company looking for oldest air conditioner and wants to reward homeowner with new one

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.
(Pexels Photo)...

Sports gambling can be fun for adults, but it’s a dangerous game for children

While adults may find that sports gambling is a way to enhance the experience with more than just fandom on the line, it can be a dangerous proposition if children get involved in the activity.
(Desert Institute for Spine Care photo)...
DESERT INSTITUTE FOR SPINE CARE

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
Wall Street profits drive average bonuses to a record $258K