ALBANY, N.Y. (February 26, 2013)--Wall Street cash bonuses for 2012 are expected to rise 8 percent to $20 billion, partly driven by deferred payments from prior years, New York State Comptroller Thomas DiNapoli said Tuesday.
DeNapoli said his analysis shows the securities industry is still restructuring since the 2008 financial crisis, with almost 20,000, or 10 percent, fewer jobs in New York City and he expects continued downsizing.
DiNapoli said profits for broker/dealer operations of some 200 New York Stock Exchange members, which are the traditional measure of profitability for the securities industry, totaled nearly $24 billion last year, triple their 2011 earnings.
According to DiNapoli's report, other activities of the large bank holding companies were less profitable last year.
The average salary, including bonuses, rose slightly to almost $362,900 in 2011.