Wall Street Bonuses Reach Record Amid Profit Surge

Wall Street bonuses surged to a record $47.5 billion in 2024, marking a 31.5% increase from the previous year, with the average bonus reaching $244,700. This spike is attributed to a rebound in dealmaking activities and a 90% rise in profits within the securities industry, driven by strong trading and underwriting revenues. New York State Comptroller Thomas DiNapoli noted that the financial market's strength is beneficial for the economy, contributing significantly to tax revenues. However, he cautioned that rising economic uncertainties, exacerbated by changing federal policies under President Donald Trump, including tariffs, could affect future prospects. Despite the boom, the current quarter has seen a slowdown in deals as companies adjust to new policies. Employment in the securities industry also reached its highest in three decades, highlighting the sector's critical role in New York's economy.