Wall Street bonuses up 15 percent in 2013

Nathan Andrada – Fourth Estate Cooperative Contributor

New York, NY, United States (4E) – Bonuses in Wall Street rose 15 percent in 2013, the third-highest year gain on record, according to data from New York State Comptroller Thomas DiNapoli.

During the December to March bonus season, the total bonus pool for New York City’s industry employees was $26.7bn. Deferred compensation has helped a 44 percent surge in the bonus pool over the past two years.

The average bonus also climbed by 15 percent in 2013 to $164,530, the sharpest rise since the 2008 financial crisis. The estimates calculate cash bonuses plus deferred compensation.

Profits at Wall Street were lower year-over-year because of expensive legal settlements and higher interest rates, said DiNapoli. The securities industry posted profits of $16.7bn for the broker/dealer operations of the member firms in the New York Stock Exchange, posting a 30 percent fall from 2012.

Wednesday’s report also showed the number of jobs in Wall Street stayed below from before the financial crisis. As of December, New York City’s securities industry employs 165,200 workers, which is down 12.6 percent from pre-crisis levels, the report said.

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