Wall Street bonuses are expected to reach $15.9 billion this year, up slightly from $15.8 billion in 2003, according to a forecast from New York state Comptroller Alan Hevesi. The total is the second highest on record, trailing only the $19.5 billion paid in 2000.
John Chartier, Mr. Hevesi's spokesman, said the bonuses, as well as Wall Street's profits, are important for New York City and for the state. "Every job added in the securities industry in New York City creates two more jobs in other industries in the metropolitan area," he said. "A big chunk of the jobs revenues helps support the city and state economies."
New York City will collect an estimated $264.9 million in tax revenue from the 2004 bonuses, and the state will collect an estimated $1.2 billion, according to Mr. Hevesi's forecast.