(ats) Their bonus had already increased by 28% the previous year.
“Wall Street’s earnings surge continued to beat expectations in 2021 and generated record bonuses,” New York State Comptroller Thomas DiNapoli said in a statement highlighting low interest rates. and the large number of IPOs.
“But recent events are likely to lower profitability and premiums in the short term,” he warned, citing the “slow and uneven” recovery in other economic sectors as well as the war in Ukraine.
According to estimates of its services, Wall Street firms have spent a total of 45 billion dollars in bonuses between December and March, the usual period for the payment of financial bonuses.
The finance sector linked to financial markets employs 180,000 people, which represents about 5% of private sector jobs in the city, but a fifth of wages. It contributes approximately 18% of New York State taxes and 7% of city taxes.
“New York City will not return to its pre-Covid economic strength until more New Yorkers and other sectors – retail, tourism, construction, arts and others – experience the same success,” he said. underlined Mr. DiNapoli.
The average salary in the sector has increased by 7.7% to 438,370 dollars per year in 2020, or about five times more than the average salary in the private sector in the city, according to the latest figures available.
Reflecting growing inequality: In 1981, the average salary on Wall Street was only twice as high as the rest of private sector salaries, the statement noted.
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