Average Wall Street bonuses dropped sharply last year to $176,700 amid lagging profits and recession fears, New York state’s comptroller reported.
FILE — People pass the front of the New York Stock Exchange, March 22, 2023. Average Wall Street bonuses dropped sharply last year amid lagging profits and recession fears, New York state's comptroller reported Thursday.FILE — People pass the front of the New York Stock Exchange, March 22, 2023. Average Wall Street bonuses dropped sharply last year amid lagging profits and recession fears, New York state's comptroller reported Thursday.
The bonuses for employees in New York City’s securities industry dropped 26% from 2021, when the average was a record $240,400, according to New York state Comptroller Thomas DiNapoli’s annual estimate. DiNapoli noted that bonuses last year returned to pre-pandemic levels. The comptroller said Wall Street’s pretax profits fell 56% in 2022 due to a sharp decline in investment-banking fees driven by inflation, interest-rate hikes and Russia’s invasion of Ukraine.
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