NY comptroller: Wall St. bonuses to rise to $20B

AP News
Posted: Feb 26, 2013 10:46 AM

ALBANY, N.Y. (AP) — New York's state comptroller says Wall Street cash bonuses for 2012 are expected to rise 8 percent to $20 billion, partly driven by deferred payments from prior years.

Comptroller Thomas DiNapoli (dee-NAP'-oh-lee) says his analysis shows the securities industry is still restructuring since the 2008 financial crisis, with almost 20,000 — or 10 percent — fewer jobs in New York City.

He says to expect continued downsizing.

DiNapoli says profits for broker/dealer operations of some 200 New York Stock Exchange members — the traditional measure of profitability for the securities industry — totaled nearly $24 billion last year, triple their 2011 earnings.

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According to DiNapoli's report, other activities of the large bank holding companies were less profitable last year.

The average salary, including bonuses, rose slightly to almost $362,900 in 2011.