NEW YORK (CBSNewYork/AP) — 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’s state comptroller said Tuesday.
DiNapoli 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.
DiNapoli also said to expect continued downsizing.
The industry reports profits for broker/dealer operations of some 200 New York Stock Exchange members — the traditional measure of profitability for the securities industry — totaled nearly $24 billion last year, triple their 2011 earnings.
According to the 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.
What do you think about the rise in Wall Street bonuses? Let us know below.
(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)