Wall Street bonuses the highest since 2007

Eric Garland Economic trends, Finance Trends 1 Comment

I’m sorry, did I say that there was no recovery? My regrets, I meant there was no recovery unless you work in the financial sector. Sorry, everybody else paying rent and buying food.

Here’s some cheery news (for probably not you) courtesy of the Office of the State Comptroller, New York State.

The average bonus paid to securities industry employees in New York City grew by 15 percent to $164,530 in 2013, which is the largest average bonus since the 2008 financial crisis, and the third highest on record, according to an estimate released today by New York State Comptroller Thomas P. DiNapoli. The bonus estimate includes cash bonuses for the current year, supplemented by compensation deferred from prior years.

“Wall Street navigated through some rough patches last year and had a profitable year in 2013. Securities industry employees took home significantly higher bonuses on average,” DiNapoli said. “Although profits were lower than the prior year, the industry still had a good year in 2013 despite costly legal settlements and higher interest rates. Wall Street continues to demonstrate resilience as it evolves in a changing regulatory environment.”

“Wall Street continues to demonstrate resilience.” Indeed.

Wall Street bonuses

Average salaries in New York City