© Reuters. FILE PHOTO: New York Stock Exchange (NYSE) building after the start of Thursday’s trading session in New York
(Reuters) – The average bonus paid to employees in New York City’s securities industry in 2020 rose by 10% to $184,000, a top New York state financial regulator said in a statement on Friday.
“Wall Street’s near-record year shattered all expectations,” New York State Comptroller Thomas DiNapoli said.
“The early forecast of a disastrous year for financial markets was sharply reversed by a boom in underwriting activity, historically low interest rates, and surges in trading spurred by volatile markets,” he added.
The 2020 bonus pool increased by 6.8% to $31.7 billion, during the traditional December-March bonus season, from $29.7 billion in 2019, according to the report, which called the growth figure “unique after a recessionary event”.
Bonuses fell by 33% in 2001 after 9/11 attack and by 47% percent in 2008, the report said.
Compensation firm Johnson Associates Inc in November said it expected year-end bonuses for most Wall Street workers to decline in 2020 compared with 2019 due to the impact of the COVID-19 impact on the U.S. economy.