Pedestrians walk past the New York Stock Exchange, Jan. 24, 2022, in New York. 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, March 23, 2022. (AP Photo/John Minchillo, File)
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.”
Retailers face tariffs and cost challenges this holiday season. Wells Fargo's Lauren Murphy shares insights on pricing, promotions, and shopping trends.
Dateability, founded by sisters Jacqueline and Alexa Child, is the only dating app for disabled and chronically ill communities, fostering love without limits.
Andy Baehr, Head of Product at CoinDesk Indices, breaks down crypto’s Black Friday crash, Bitcoin dipping under $100K, and what’s driving the market rout.
Chris Marquette of POLITICO breaks down how the FAA is cutting flights and facing a critical shortage of air‑traffic controllers amid the government shutdown.
Dr. Manuele Aufiero, CEO & Co‑Founder of Sizable En a groundbreaking undersea energy‑storage technology powering the global shift to clean, scalable power.
Paul Fipps, President of Global Customer Operations at ServiceNow, breaks down the company’s earnings beat, 5‑for‑1 stock split and booming enterprise AI demand
