Wall Street Bonuses Expected to Rise 7.4% in 2024

Wall Street bonuses are projected to increase by 7.4% in 2024, marking the first rise in two years, driven by a resurgence in dealmaking and a bullish stock market. According to the New York State Comptroller's report, this growth is supported by economic resilience and potential interest rate cuts, allowing firms to engage in more mergers and acquisitions. The securities industry is expected to contribute $5.1 billion in tax revenue to New York City in 2024, highlighting its significant role in the local economy. However, job cuts of approximately 3,400 could occur due to performance reviews and restructuring within investment banks. Despite these challenges, the overall outlook for Wall Street remains optimistic as firms prepare to report earnings.