Report Finds Wall Street Bonuses Likely To Drop 14 Percent
Cash bonuses on Wall Street are expected to drop by 14 percent, according to a new estimate by State Comptroller Thomas DiNapoli.
Even with the decline, nearly $20 billion is expected to be paid out with the average bonus coming in around $121,000.
For a second year in a row, profits for New York Stock Exchange member firms dropped by more than half last year.
The profitability of those firms is a traditional measure of the industry's health.
In a statement, DiNapoli says the securities industry faces continued challenges as it works through the financial crisis fallout and adjusts to regulatory reforms.
The securities industry is also shedding jobs.
According to the comptroller, 4,300 jobs were lost between April and December of last year.