Introduction to Wall Street Bonuses
Wall Street bonuses have hit a record high in 2024, with employees in New York City’s securities industry earning an average bonus of $244,700 and a bonus pool of $47.5 billion. This information was reported by New York Comptroller Thomas DiNapoli, who announced the strong Wall Street profits and employment surge to the public.
Record High Bonuses
The bonus pool climbed 34% from 2023’s $35.4 billion, and average bonuses rose 31.5%. DiNapoli also said that the securities industry in New York City made 90% more in profits from 2023 ($26 billion) to 2024 ($49.9 billion). The table below shows the figures for the securities industry in New York City for the past few years:
| Year | Jobs in the securities industry | Industry profits | Average individual bonus |
|---|---|---|---|
| 2024 | 201,500 | $50 billion | $244,700 |
| 2023 | 198,400 | $26 billion | $186,100 |
| 2022 | 191,600 | $26 billion | $180,300 |
| 2021 | 180,300 | $58 billion | $240,300 |
| 2020 | 180,600 | $51 billion | $213,700 |
| 2019 | 183,500 | $28 billion | $166,900 |
| 2018 | 181,500 | $27 billion | $159,700 |
| 2017 | 177,000 | $25 billion | $184,300 |
| 2016 | 177,400 | $17 billion | $156,800 |
| 2015 | 173,400 | $14 billion | $136,800 |
| 2014 | 169,200 | $16 billion | $160,300 |
| 2013 | 166,300 | $17 billion | $169,800 |
| 2012 | 169,500 | $24 billion | $142,900 |
| 2011 | 172,200 | $8 billion | $111,400 |
| 2010 | 166,200 | $28 billion | $139,000 |
| 2009 | 169,400 | $61 billion | $140,600 |
| 2008 | 188,400 | -$43 billion | $100,900 |
| 2007 | 188,900 | -$11 billion | $177,800 |
| 2006 | 181,400 | $21 billion | $191,400 |
| 2005 | 172,800 | $9 billion | $149,800 |
Impact on the Economy
“The record high bonus pool reflects Wall Street’s very strong performance in 2024,” DiNapoli said in a written statement announcing the figures. “This financial market strength is good news for New York’s economy and our fiscal position, which relies on the tax revenue it generates. However, increasing uncertainty in the economy amid significant federal policy changes may dampen the outlook for parts of the securities industry in 2025.” Taxes on 2024 bonuses are adding $600 million to state coffers and $275 million to New York City.
Trends in the Securities Industry
The Wall Street workforce swelled to 201,500, up from 198,400 in 2023 and passing the peak set in the year 2000. DiNapoli also pointed out that New York City’s share of nationwide jobs in the securities industry has declined over the decades. In 1990, New York held about 33% of American jobs in the field, compared to just 18% in 2024.
Conclusion
The record high bonuses in the securities industry in 2024 are a positive sign for New York’s economy. However, the industry’s performance in 2025 is uncertain due to federal policy changes. The Comptroller’s Office released a promo video to accompany the announcement of last year’s numbers.
FAQs
Q: What is the average bonus for employees in the securities industry in New York City in 2024?
A: The average bonus is $244,700.
Q: What is the total bonus pool for the securities industry in New York City in 2024?
A: The total bonus pool is $47.5 billion.
Q: How has the securities industry in New York City performed in terms of profits from 2023 to 2024?
A: The industry made 90% more in profits from 2023 ($26 billion) to 2024 ($49.9 billion).
Q: What is the impact of the record high bonuses on the economy?
A: The record high bonuses are good news for New York’s economy and fiscal position, but increasing uncertainty in the economy may dampen the outlook for parts of the securities industry in 2025.
