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4w ago

Wall Street Bonuses Hit Record $47.5 Billion in 2024

Average payouts surged 31.5% to $244,700, driven by a 90% profit increase, but 2025 prospects face uncertainty.

The big bonus payouts on Wall Street this year follow a 90% jump in profits for the securities industry last year.
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The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid/File Photo
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Overview

  • Wall Street's 2024 bonus pool reached an unprecedented $47.5 billion, marking a 34% increase from 2023 and the highest level since records began in 1987.
  • The average bonus rose to $244,700, a 31.5% jump compared to the previous year, reflecting strong industry performance.
  • Securities firms in New York City reported a 90% surge in profits for 2024, fueled by robust trading, underwriting, and dealmaking activities.
  • Wall Street accounted for 19% of New York State's tax revenue and 7% of New York City's tax revenue, generating $600 million more for the state and $275 million more for the city compared to 2023.
  • Despite record-breaking bonuses, economic uncertainty and federal policy changes, including tariffs, are projected to dampen Wall Street's performance and bonuses in 2025.