Wall Street bonuses soared to unprecedented levels in 2024, almost quadrupling the average annual salary in the United States. The surge in bonuses was driven by strong economic growth and a 90% increase in Wall Street profits.
Bonuses on Wall Street reached unprecedented heights in 2024, nearly quadrupling the average annual salary in the United States. The New York State Comptroller’s Office reported that the total estimated bonus pool for the securities industry surged by 34% compared to the previous year, amounting to the highest figure since record-keeping began in 1987. This remarkable growth coincided with a 90% increase in Wall Street 's profits. According to New York State Comptroller Thomas P.
DiNapoli’s annual estimate, the average bonus for New York City securities workers in 2024 soared to $244,700, a significant 31.5% jump from the previous year. This staggering figure starkly contrasts with the average annual salary in America, which was $66,621 in 2023, according to the Social Security Administration. The median salary in the U.S. for the same year was $80,610, as reported by the U.S. Census Bureau. New York City, often referred to as the nation's financial capital, is home to over 200,000 securities professionals. Approximately one in eleven jobs in the city are directly or indirectly linked to the securities industry. Wall Street's contributions to the state and city's coffers are substantial; the industry accounted for 19% of the state's tax collections in the last fiscal year and 7% of the city's tax revenue. Comptroller DiNapoli attributed the record-high bonuses to robust economic growth, which fueled increased trading, account supervision, underwriting, and selling revenues, ultimately driving strong profits and generating the first significant rise in the average bonus estimate since 2021. However, DiNapoli cautioned that federal policy uncertainties and economic fluctuations 'may dampen' the securities industry in 2025. Uncertainty about the impact of President Donald Trump's trade war on the American and global economies, coupled with concerns about potential cutbacks in consumer and business spending, casts a shadow over the industry's future prospects
Finance Wall Street Bonuses Record Highs Average Salary Economics Financial Industry New York City
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