The average annual bonus on Wall Street fell to $176.5 thousand – Kommersant

Today, March 19, New York State Comptroller Thomas Di Napoli reported, that at the end of 2023, the average annual bonus on Wall Street was $176.5 thousand. This is 2% less than at the end of 2022. It is noted that the average profit of American financial and investment companies in 2023 increased by 1.8%, however, “companies took a cautious position on the issue of bonuses.”

The total volume of bonuses allocated on Wall Street for 2023 was $33.8 billion, which is comparable to the total volume of bonuses for 2022, but significantly less than the dynamics in 2020 – then there was an increase of 25%, to $37 billion, in 2021 – an increase of 15%, to $42.7 billion. However, the total volume of bonuses at the end of 2023 is still higher than in pre-pandemic 2019 – $32.1 billion.

The New York State Comptroller’s Office notes that Wall Street bonuses are important for city and state tax revenues. For fiscal year 2022-23, tax revenues from all financial investment company transactions totaled $28.8 billion, or 27.4% of New York State’s total tax collections. In turn, banks paid $5.4 billion in taxes to New York City last year, or 7% of total tax revenues.

Evgeny Khvostik