If you are a normal working stiff then there has been very little to call ‘good news’…..but if you are among the ‘robber barons’ then you should be all smiles.
Bonus season is back on Wall Street, at least on paper. Axios reports that the average bonus for New York City securities industry workers hit $246,900 last year, a 6% jump from the previous year, according to a new report from New York State Comptroller Thomas DiNapoli. Total profits in the securities industry climbed more than 30%, to $65.1 billion, while the overall bonus pool reached a record $49.2 billion, up 9%. The gains were fueled in part by heavy trading during market volatility linked to tariffs enacted by the Trump administration.
Bloomberg reports it’s the highest bonus pool on record, going back to 1987. There’s a caveat, however, per Axios: Adjusted for inflation, the bonus pool actually reached its highest level in 2006 at $53.7 billion, and it remains below the highs of 2020 and 2021, when pandemic-era markets and deal-making surged. The comptroller’s estimate is based on income tax withholding data for New York City employees and excludes stock options and other types of deferred pay.
DiNapoli said Wall Street’s strength is a plus for state and city budgets that depend heavily on its tax revenue, but he cautioned that weaker job growth and geopolitical tensions could pressure the industry, as well as the broader economy. Fortune reports that this year’s bonus outlook “is already darkening,” with the outlet noting some of the city’s budget planning “may … be too rosy,” with some targets seemingly “out of reach.”
If you are a billionaire then all is coming up roses…..the rest of us peons are struggling with day to day life.
Eat The Rich!
I Read, I Write, You Know
“lego ergo scribo”
