Wall Street bonuses soared to record high $257,500 last year
CBSN
New York — Soaring profits on Wall Street helped drive up the average bonus paid to employees in New York City's securities industry to a record $257,500 for last year, the state comptroller reported Wednesday.
The average securities industry bonus was 20% higher than 2020 and came out of a bonus pool that grew to $45 billion, according to annual estimates from state Comptroller Thomas DiNapoli. Bonuses for 2020 also set a record at the time, having jumped 25% from the previous year despite the recession caused by the COVID-19 pandemic.
DiNapoli cited pretax profits through the first three quarters of 2021 for broker/dealer operations on the New York Stock Exchange, which increased by 19.6% to $44.9 billion. The jump in earnings for Wall Street firms was boosted by low interest rates, record market for initial public offerings and surging fees.
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