Wall Street bonuses fall 17% despite profit upturn

The average bonus paid to Wall Street traders dipped by more than $30,000 despite a jump of 11 percent in securities industry profits, according to a report released Tuesday by the comptroller for New York state.

The annual accounting by the state comptroller's office of Wall Street bonuses paid out from December through March serves as an indicator of how the financial services industry is doing. It also gives New York City and state tax collectors an idea of how much to expect from taxes on the billions of dollars in bonuses Wall Street brokerage firms pay employees.

"Profits grew in 2018 and have nearly doubled since 2015," DiNapoli said."Bonuses declined in 2018, but the average bonus was still double the average annual salary in the rest of the city's workforce." Another factor in a lower average bonus for 2018 was the addition of 4,700 jobs in the city's securities industry, meaning the bonus pool was shared by a larger number of employees, DiNapoli said. Securities industry jobs topped 181,000 last year, he said.

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