Wall Street bankers received their highest bonuses ever in 2021, eclipsing the previous record set last year.
According to the New York State Comptroller Thomas DiNapoli, the average securities industry worker in The Big Apple earned US$257,500 in December through March, an increase of 20% over the same period in 2020.
The total bonus pool for New York City's securities industry was US$45bn in 2021, soaring 21% and increasing US$8bn over the last year.
In the report, DiNapoli said, Wall Street profits exceeded expectations in 2021, "and drove record bonuses. But recent events are likely to drive near-term profitability and bonuses lower."
Only 5% of New York City's private-sector employees work in securities, according to the report. Nonetheless, their wages make up 20% of the city's total private sector wages.
DiNapoli estimates the city is going to go over its income tax expectations because of the record payouts for 2021.
It adds the securities industry accounted for 7% of total tax revenue for the city last fiscal year and 18% for the state.