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4w ago

Wall Street Bonuses Hit Record $47.5 Billion in 2024, Average Payout Soars 31.5%

Profits surged 90% last year, driving historic bonuses, but concerns over federal policy changes and job cuts cloud the industry's 2025 outlook.

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
State Comptroller Thomas DiNapoli reported on Wednesday that bonuses on Wall Street hit a record high in 2024.

Overview

  • The average Wall Street bonus for 2024 reached $244,700, a 31.5% increase from 2023, marking the highest average since records began in 1987.
  • The total bonus pool for New York City's securities industry hit a record $47.5 billion, fueled by a 90% rise in profits to $49.9 billion last year.
  • Employment in the securities industry climbed to a three-decade high of 201,500 workers, with the sector contributing significantly to state and city tax revenues.
  • New York City's share of national securities jobs has declined to 18% in 2024 from 33% in 1990, as states like Texas and Florida gain prominence in the sector.
  • Economic uncertainty and federal policy changes, along with job cuts at major firms like Goldman Sachs and Citigroup, pose risks to the industry's trajectory in 2025.