NY Comptroller: Average Wall St. Bonus Is Nearly $173,000
ALBANY, N.Y. (CBSNewYork/AP) - New York's state comptroller says the average bonus paid to securities industry employees in New York City grew 2 percent last year to nearly $173,000.
Comptroller Thomas DiNapoli says according to his office's analysis, that's the largest average Wall Street bonus since the 2008 financial crisis, though the industry was slightly less profitable last year.
Wall Street paid a total of $28.5 billion in bonuses last year, DiNapolo said.
According to the report Wednesday, the securities industry has been profitable for six consecutive years. It has added 2,300 jobs in the past year up to 167,800 workers in New York City. That's still 11 percent less than before the crisis.
NY Comptroller: Average Wall St. Bonus Is Nearly $173,000
As the comptroller put it, the securities industry remains the highest paying in New York City, WCBS 880's Rich Lamb reported.
"Now that we're seeing the street hiring more people, hopefully that's going to result in that multiplier effect of profits on Wall Street, bonuses being up on Wall Street, more people being hired on Wall Street will mean that the recovery that we're all wanting to be even stronger than it is already, that it will benefit from these trends on Wall Street," DiNapoli told 1010 WINS.
Pre-tax profits for broker/dealer operations of some 200 New York Stock Exchange members, the traditional measure of profitability for the securities industry, totaled $16 billion last year, down $700 million from 2013.
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