Wall Street Bonuses Drop 26% Amid Economic Factors
TL;DR Summary
Wall Street bonuses fell 26% in 2022 due to rising interest rates and fears of a recession, with the average bonus dropping to $176,700. The total bonus pool for New York City securities industry workers shrank by 21% to $33.7 billion, the largest drop since the Great Recession. Employment in the securities industry in the city was 5.1% lower than in 2000, and 1 in 11 jobs in the city are either directly or indirectly associated with the industry. The securities industry accounted for 22% of state tax collections and 8% of city tax collections.
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