Bonuses in New York City’s securities industry soared 20% to a record $257,500 per employee for 2021, according to New York State Comptroller Thomas DiNapoli on Wednesday. It’s no secret that Wall Street was in a sweet spot . While 2020 was already a record, last year’s per-head figure and total bonus pool of $45 billion leaves the 2006 high point of the previous boom far behind.
. While 2020 was already a record, last year’s per-head figure and total bonus pool of $45 billion leaves the 2006 high point of the previous boom far behind.
The momentum may not endure into 2022, but that’s hardly a reason for hand-wringing. After all, the Institute for Policy Studies think tank that if the U.S. federal minimum wage had increased in line with Wall Street bonuses since 1985, it would be worth $61.75 per hour now, against the actual ludicrously low $7.25.in the Big Apple’s fortunes. It will even reinforce the recovery, with the securities industry accounting for an estimated 7% of the city’s tax collections in the current fiscal year, according to DiNapoli, and a bigger slice of the Empire State’s.
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