Arab Today, arab today wall street bonuses tumbled 9 in 2015
Last Updated : GMT 16:23:25
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Arab Today, arab today

Wall Street bonuses tumbled 9% in 2015

Arab Today, arab today

Arab Today, arab today Wall Street bonuses tumbled 9% in 2015

A street sign at the corner of Wall and Broad Street
New York - AFP

Wall Street bonuses fell nine percent in 2015 following a drop in securities industry profits, the comptroller of New York state reported Monday.

The average bonus came in at $146,200 last year for traders and bankers after a 10.5 percent decline in industry profits, according to data released by Thomas DiNapoli, who manages the finances of New York state.

The average bonus was $172,860 in 2014 and had hit a record of $191,360 in 2006, before the financial crisis.

"Wall Street bonuses and profits fell in 2015, reflecting a challenging year in the financial markets," DiNapoli said.

"While the cost of legal settlements appears to be easing, ongoing weaknesses in the global economy and market volatility may dampen profits in 2016. Both the state and city budgets depend heavily on the securities industry and lower profits could mean fewer industry jobs and less tax revenue."

The report said employment in the securities industry in New York City rose 2.7 percent in 2015 to an average 172,400 jobs added for the year. An estimated one in nine jobs in the city is either directly or indirectly linked to the industry.

DiNapoli said it "remains to be seen" if the job gains can be sustained in 2016, given "the weakness in the global economy and financial markets, and increased provisions for bad loans related to the energy sector."

Average total compensation in the securities industry rose 14 percent in 2014 to $404,800, setting a new record, the report said, noting the 2015 data were not yet available. Total pay includes base pay and bonuses.

 

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