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The
lower payouts came even as industry profits climbed 1.8% in
2023.
"Wall Street's average cash bonuses dipped slightly from last
year, with continued market volatility and more people joining
the securities workforce," DiNapoli said in a statement.
The industry's bonus pool stood at $33.8 billion for 2023,
broadly in line with 2022. In 2021, it surged to a record $42.7
billion as capital markets and dealmaking boomed.
The state and city have already budgeted for lower tax revenue
from financial workers, DiNapoli said. The securities industry
accounts for about 27% of annual state tax collections and 7%
for New York City.
The industry employed 198,500 people in 2023, up from 191,600
the prior year, the report showed. The increase in headcount
came as major U.S. banks cut more than 23,000 jobs worldwide.
About 1 in 11 jobs in New York City is either directly or
indirectly associated with the sector, the comptroller's report
showed.
(Reporting by Tatiana Bautzer, Additional reporting by Niket
Nishant, editing by Lananh Nguyen and Miral Fahmy)
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