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Wall Street in New York
Photo: MIKE SEGAR/ REUTERS
After the Corona year 2020, business on Wall Street was good again last year.
Figures from the chief financial officer of the US state of New York, Thomas DiNapoli, now show how well they are: According to a report, the average bonus in the financial center rose by 20 percent to its highest level since 2006. A total of 45 billion dollars were paid out during the so-called bonus season between December and March been.
As can be seen from the figures, employees in New York securities trading raked in almost $260,000 on average.
The industry was responsible for one-fifth of private-sector wages in New York City, even though it provided only five percent of the workforce.
"The numbers are higher than expected," DiNapoli said.
They also come from record-breaking deals by major banks amid Wall Street's coronavirus comeback.
In 2020, the start of the corona pandemic with the associated lockdowns around the world also caused the US stock markets to collapse.
However, by the end of 2020, euphoria had already spread across the financial markets, which continued until 2021.
Bonuses are likely to fall again
The bonuses for the current year, on the other hand, are likely to be lower.
In addition to inflation concerns, this is also due to the economic consequences of the Russian war against Ukraine.
Wall Street is a big contributor to New York's tax revenue, with trading accounting for 18 percent of the financial market in 2021.
The Comptroller's report further indicates that New York City will exceed its income tax expectations.
According to the report, 180,000 people were employed in companies on Wall Street, compared to 600 more the year before.
hba/Reuters