Wall Street bonuses fell 26% to an average $176,700 in 2022 from a record in 2021, according to a report from New York State Comptroller Thomas DiNapoli published on Thursday.
A worsening economic environment and stalled deal markets weighed on banks' profits last year, following a blockbuster 2021.
The total 2022 bonus pool for New York City securities industry workers shrank by 21% to $33.7 billion during the bonus season that traditionally spans December to March, much lower than the previous year's record of $42.7 billion — the largest drop since the Great Recession. Employment in the city's securities industry came in at about 190,800 people in 2022, the highest level in more than two decades.
In 2022, pretax profits for Wall Street decreased 56% compared with the previous year due to a slump in investment banking fees that was driven by hefty interest rate hikes by the U.S. Federal Reserve, inflation and geopolitical turmoil stemming from Russia's invasion of Ukraine.
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Wall Street bonuses dropped 26% in 2022 after record 2021
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