Fewer traders, bigger bonuses
Cash bonuses to Wall Street employees jumped 15 percent last year, to an average of $164,530.
There are fewer jobs on Wall Street these days, but bonuses for bankers and traders are still getting bigger, said William Alden in NYTimes.com. According to a report from the New York state comptroller, cash bonuses to Wall Street employees jumped 15 percent last year, to an average of $164,530. “That was the biggest average bonus since 2007, the year before the financial crisis struck.” Wall Street workers took home a total of $26.7 billion in bonuses alone last year, with “everyone from the low-ranking employee to the chief executive” getting something. But that big pie is being split among ever fewer people. The financial industry employed just 165,200 people at the end of 2013, a decrease of 1.2 percent from the previous year, as firms “sought to keep costs in check”—except, apparently, for cash bonuses.