Average Wall Street bonuses dipped 26% to $176,700 last year
Average Wall Street bonuses dropped sharply last year to $176,700 amid lagging profits and recession fears
NEW YORK (AP) — Average Wall Street bonuses dropped sharply last year to $176,700 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.
“Wall Street’s cash bonuses were expected to fall as several factors weighed on the securities’ industry profitability in 2022,” DiNapoli said in a prepared release.
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.
