(MENAFN) In a report released by New York state’s comptroller, Thomas DiNapoli, it was revealed that the average Wall Street bonus for the previous year experienced a slight decrease, settling at USD176,500. This decline of around 2 percent from the preceding year's average of USD180,000 came as the securities industry in New York City adopted a more cautious stance toward compensation, despite a modest 1.8 percent increase in Wall Street profits.
The office of DiNapoli attributed this marginal drop in bonuses to the industry's approach to compensation, which took into account the growing number of employees entering the securities sector. In 2023, the industry expanded its workforce to 198,500 individuals in New York City, marking a notable increase from the 191,600 employees recorded in 2022.
Despite the dip in average bonuses, the overall bonus pool for Wall Street in 2023 remained relatively stable at USD33.8 billion, showing minimal change from the previous year. This consistent bonus pool size reflects the industry's effort to balance compensation with other financial considerations amidst evolving market conditions.
It is noteworthy to mention the trajectory of Wall Street bonuses over the years. In 2021, the average bonus reached a historic high of USD240,400, representing a stark contrast to the relatively low average of USD111,400 recorded in 2011. This fluctuation underscores the dynamic nature of the financial industry, influenced by factors such as market performance, regulatory changes, and shifts in employment trends.
Overall, while the average Wall Street bonus experienced a marginal decrease in 2023, the industry's continued profitability and steady bonus pool size indicate a measured approach to compensation amidst a backdrop of growth and change.
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