Wall Street Bonuses Up 2% To Average $172,860 In 2014

The average Wall Street bonus rose 2% to $172,860 in 2014, State Comptroller Thomas DiNapoli said Wednesday. That compares with an average of $169,850 in 2013, when bonuses rose 19% from the prior year. The entire bonus pool rose 3% to $28.5 billion, DiNapoli said. The industry added 2,300 jobs in New York City in 2014, although it was slightly less profitable, he said. Pretax profits for the broker/dealer operations of New York Stock Exchange member firms came to $16 billion, down 4.5% from 2013. The comptroller tracks the bonuses paid to bankers and traders because they are an important source of tax revenue for the state and city of New York. "The cost of legal settlements related to the 2008 financial crisis continues to be a drag on Wall Street profits, but the securities industry remains profitable and well-compensated even as it adjusts to regulatory changes," DiNapoli said. "The resumption of job growth in the securities industry bodes well for the New York's economy, but it remains to be seen whether this trend will be sustained."