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4w ago

Wall Street Bonuses Reach Record $47.5 Billion in 2024

Average payouts rose 31.5% to $244,700, driven by a 90% profit surge, but economic uncertainty clouds 2025 prospects.

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

  • The 2024 Wall Street bonus pool hit $47.5 billion, marking a 34% increase from 2023 and the highest level on record since tracking began in 1987.
  • Average bonuses in New York City's securities industry rose to $244,700, a 31.5% increase from the previous year.
  • A 90% rise in Wall Street profits, fueled by robust trading, underwriting, and dealmaking, underpinned the record bonuses.
  • The securities industry supports one in 11 jobs in New York City and generated $600 million more in state tax revenue and $275 million more in city tax revenue compared to 2023.
  • Federal policy changes and slowing dealmaking in early 2025 raise concerns about the industry's outlook for the year ahead.