Wall Street bonuses hit a record $244,700 average last year, jumping 31% from the $186,100 in 2023, according to an analysis published March 26 by Thomas P. DiNapoli, the state comptroller.
The bonus pool for the city’s securities industry employees also totaled a record at $47.5 billion.
“The record high bonus pool reflects Wall Street’s very strong performance in 2024,” DiNapoli said in a news release. “This financial market strength is good news for New York’s economy and our fiscal position, which relies on the tax revenue it generates”
DiNapoli also warned that that this year likely won’t produce record results “Increasing uncertainty in the economy amid significant federal policy changes may dampen the outlook for parts of the securities industry in 2025.”
The previous average bonus record was $240,300 in 2021. The previous record bonus pool was $42.7 billion, also in 2021.
Securities industry employment rose to a record 201,500 people last year, up from 198,400 in 2023.
The city’s national share of securities jobs was 18% last year, down from about 33% in 1990, the news release. New York still has more securities industry jobs than any other state, the news release said.
Wall Street accounted for 19% of state tax collections for the state fiscal year ended March 31, 2024 and 7% of city tax revenue for the city fiscal year ended June 30, 2024.
Wall Street profits were $49.9 billion, based on pre-tax profits for broker-dealer operations of New York Stock Exchange member firms, compared to $26.3 billion in 2023
Since 2005, profits have been higher in three other years: $61.4 billion in 2009; $58.4 billion in 2021; and $50.9 billion in 2020.
The annual bonus calculations are based on estimates from the traditional bonus season running from December through March for securities industry employees who work in New York City. Employees located outside New York City are excluded.
