The average bonus paid to a Wall Street banker fell to $US176,700 ($263,7000) in 2022, according to New York state’s comptroller.
Bonus payouts on Wall Street plunged by more than a quarter in 2022 amid rising interest rates, falling industry profits and heightened concerns about the US economy entering into recession.
While New York City remains the capital of the US securities industry, its share of jobs has been declining over time as large firms have left the city.fell 21 per cent to $US33.7 billion in 2022 from a record $US42.7 billion the previous year. The fall to pre-pandemic levels mostly reverses the pool’s dramatic growth of 25 per cent in 2020 and 15 per cent in 2021, he also said.
DiNapoli projects the 2022 bonus level will generate $US457 million less in state income tax revenue and $US208 million less for the city when compared to the previous year.The securities industry accounted for about $US22.9 billion in state tax revenue, or 22 per cent of all tax collections, for fiscal 2022, and $US5.4 billion in city tax revenue, 8 per cent of total tax collections for its fiscal year 2022.
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