Wall Street bonuses took a hit in 2022.
According to data analysed by the New York State Comptroller, people working in the “securities industry” in New York City saw their bonuses drop 26% – from an average of $240,400 in 2021 to $176,700 in 2022, reported Bloomberg.
Securities industry employees include people who participate in cases that are taken over by major financial institutions – included taking over securities and helping to buy and sell commodities or securities.
According to the auditor’s report, the total bonus pool for securities employees in 2022 was $33.7 billion, down from $42.7 billion the year before. In addition to the deplorable effects on the city’s treasury, the drop was “the biggest drop since the Great Recession,” according to the report.
Average bonuses for securities industry employees have risen 75.2% since 2008, the left-wing think tank the Institute for Policy Studies says said in a report released Thursday that analyzed the Comptroller data and the data from the Bureau of Labor Statistics.
“In contrast, the average weekly wages of all private sector workers in the US increased by only 54.4 percent during this period,” IPS writes.