Report: Wall Street Bonuses Forecast To Drop This Year
NEW YORK (CBSNewYork) – The bonus pool on Wall Street may look more like a puddle this year and have a negative impact on New York’s economy.
Workers on Wall Street are bracing for the worst bonus season since the economy went into a deep recession four years ago.
WCBS 880′s Monica Miller reports
According to a report in the New York Post the average bonus in 2012 will drop 16.5 percent compared to last year to roughly $100,000. That figure is down almost 50 percent since 2006.
Bonuses make up a large percentage of Wall Street workers’ pay, meaning New York City retailers, restaurant owners and realtors will also feel the pinch on top of the impact from superstorm Sandy.
In 2006, the average Wall Street bonus was $190,000. Miller reported.
New York State Comptroller Thomas DiNapoli also noted that revenues generated by the securities industry have dropped in recent years.
One securities manager told the Post he blamed the economic downturn, taxes and regulations for the shrinking bonus pool.
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