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December 13, 2001
Wall Street Bonuses Drop Sharply
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McCall forecasts that Wall Street firms will pay out $10 billion in bonuses this year. For the 165,000 securities industry employees in New York City, that works out to an average bonus of $60,000.
Last year, $14.3 billion were paid to 178,000 employees, working out to an average bonus of $74,000.
"With employment and profits on Wall Street down, we're going to see fewer employees taking home smaller bonuses," McCall said. "But a $60,000 bonus is still considerably more than what many people take home in salary in a year. And from a historical perspective, this will still end up being a good year for Wall Street. It's just that after the kinds of performances we've seen in the recent past, anything short of a record-breaking year is a disappointment."
According to McCall, the average annual salary of someone working in New York City outside of the securities industry is $45,000.
To visit the New York state comptroller's Web site, click here.
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