Average Wall Street bonus is more than most people's salary: See the numbers
Wall Street tumbles 10% below its record
Wall Street's S&P 500 tumbled 10% below its record on March 14. LiveNOW's Austin Westfall breaks it down with Rogers Healy, CEO of Morrison Seger Venture Capital Partners.
Bonuses on Wall Street surged to record highs last year, nearly quadrupling the average annual salary in the U.S.
According to the New York State Comptroller’s Office, the total estimated bonus pool for the securities industry was 34% higher than last year’s. It’s the largest amount since record-keeping began in 1987 – Wall Street’s profits were up 90% last year.
How much was the average Wall Street bonus in 2024?
By the numbers:
The average bonus for New York City’s securities workers was $244,700 in 2024, up 31.5% from last year, according to New York State Comptroller Thomas P. DiNapoli’s annual estimate.
RELATED: CEO of supermarket chain reveals when Americans can expect relief from high grocery prices
According to the Social Security Administration, the average annual salary in America in 2023 was $66,621. Median salary in the U.S. in 2023 was $80,610, according to the U.S. Census Bureau.
RELATED: Fed keeps interest rates unchanged; what this means for you
More than 200,000 people work in securities in New York, "the nation’s financial capital," with roughly 1 in 11 jobs in the city directly or indirectly associated with the securities industry. Wall Street accounted for 19% of the state’s tax collections last fiscal year and 7% of city tax revenue.
Why were Wall Street bonuses so high last year?
Big picture view:
The comptroller says the record high bonuses were a result of robust economic growth that led to "increased trading, account supervision, underwriting, and selling revenues, driving strong profits and helping generate the first significant bump in the average bonus estimate since 2021."
"Transition period" coming for economy, says Trump
Alissa Coram of Investor’s Business Daily joins LiveNOW from FOX to discuss a "transition period" in the American economy as the Trump administration remakes import and export tax policy.
What they're saying:
"The record high bonus pool reflects Wall Street’s very strong performance in 2024," New York State Comptroller Thomas P. DiNapoli said in a statement. "This financial market strength is good news for New York’s economy and our fiscal position, which relies on the tax revenue it generates.
Will Wall Street be as lucrative this year?
What's next:
DeNapoli cautioned that federal policy and economic uncertainty "may dampen" the securities industry in 2025.
RELATED: Trump imposes 25% tariff on imported cars: 'This is permanent'
Uncertainty is widespread among global markets about what President Donald Trump’s trade war will do to the American economy and economies around the world. Trump’s barrage of announcements on tariffs and other policies have bred concerns that U.S. households and businesses could pull back on their spending, which would hurt the economy.
The Source: This report includes information from the New York State Comptroller's Office and previous LiveNow from FOX reporting.