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NYS Comptroller: Wall Street Bonuses Decline 26% from Prior Year
Wall Street’s 2022 average bonus paid to securities employees dropped to $176,700, a 26% decline from the previous year’s $240,400, according to New York State Comptroller Thomas P. DiNapoli’s annual estimate. Rising interest rates and fear of a recession led to significantly less profits on Wall Street after a record year in 2021. As a result, bonuses returned to pre-pandemic levels.
“Wall Street’s cash bonuses were expected to fall as several factors weighed on the securities industry’s profitability in 2022,” DiNapoli said. “While lower bonuses affect income tax revenues for the state and city, our economic recovery does not depend solely on Wall Street. Employment in leisure and hospitality, retail, restaurants and construction must continue to improve for the city and state to fully recover.”
The $33.7-billion bonus pool for 2022 was 21% lower than the previous year’s record of $42.7 billion, the largest drop since the Great Recession.
- ◦Financing
- ◦Economy
