April 24, 2024

Valley Post

Read Latest News on Sports, Business, Entertainment, Blogs and Opinions from leading columnists.

The astronomical bonus received by Wall Street's golden boys in 2023

The astronomical bonus received by Wall Street's golden boys in 2023

Average annual cash bonus for Wall Street executives It drops to $176,500 in 2023, 2% discount That compares to the 2022 average of $180,000, according to New York State Comptroller Thomas P. DiNapoli's annual estimate.

This reduction does not reflect Increase in profit flow For 2023 stock market instruments in its category 1,8%but a more conservative approach from companies, which also had to respond to it Increase employment For the securities industry.

In fact, this year's bonus Golden boys It is almost $64,000 Less than Wall Street executives earned in 2021, a year in which it reached an all-time high of $240,400.

It is noted that if it is less than the previous year, Bonuses remain equivalent to 2.5 times the average American income

“Aftershocks” for the local economy

The supervisor was reassuring about the impact of the cuts on the state's economy: “While these bonuses impact state and city income tax revenues, both are budgeted for larger cuts, so The impact on expected revenues should be limited».

“The securities industry's continued momentum should not overshadow the broader economic picture in New York, as we need all sectors to enjoy a full recovery from the pandemic,” he added.

The bond industry also has a significant impact on employment and the overall economy of a city. In 2023, the industry employed approx 198,500 peopleFrom 191,600 the previous year.

See also  Fifteenth Salary, Extraordinary Benefits and Bonus for…

DiNapoli estimates that 1 in 11 jobs in New York is directly or indirectly related to the securities industry. While the city remains the capital of the American securities industry, its share of industry jobs Decreases With time. Employment in this sector in 2023 was 1.3% less than in 2000which represents the highest level ever.

“Heavy pockets” in the metro

Moreover, the financial analyst stated that the increase in the number of employees in the sector will bring about changes in government spending, even at the level of… railways.

As more employees return to their offices, with lifetime employment up 7% in 2023 compared to 2022, so does the city's purchasing power.

For example, 42% For employees in the securities industry They use the metroThis is a higher rate than the city average for workers. DiNapoli estimates that Wall Street was responsible for 14% of the city's total economic activity in 2022, so the financial sector's ability to generate revenue and turn profits is extremely important to New York.

follow him Reader.gr in Google News To always be up to date with all the news from Greece and the world.