DiNapoli: Estimates Show Wall Street Bonuses Up 8%

12:17 AM, Feb 27, 2013   |    comments
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By Jon Campbell, Gannett Albany Bureau

ALBANY, NY--  Bonuses paid to Wall Street employees increased 8 percent to $20 billion for 2012, according to new estimates from the state Comptroller's Office.

The estimate, released Tuesday, showed a "mixed bag" for the state's securities industry after bonuses dropped 19 percent in 2011, Comptroller Thomas DiNapoli said.

"Wall Street is still in transition, but it is slowly adjusting to changes in its economic and regulatory environment," DiNapoli said in a statement. "Profits and bonuses rebounded in 2012, but the industry is still restructuring."

Bonuses for Wall Street employees are traditionally paid early in the year for the previous year's performance.

Securities industry income has a significant impact on the state's tax collections. Business and income taxes collected from Wall Street accounted for 14 percent of New York's tax revenues last year, down from 20 percent prior to the 2008 financial crisis.

The average bonus paid for 2012 will be $121,890, a 9 percent increase from the previous year, according to DiNapoli's estimates.

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