Wall St. Gives Big Bonuses As Main Street Suffers
March 27, 2018
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14:51Now PlayingWall St. Gives Big Bonuses As Main Street Suffers
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"Wall Street’s average bonus jumped 17 percent in 2017 to $184,220, the highest since 2006, according to estimates by New York State Comptroller Thomas DiNapoli.
The bonus pool climbed to $31.4 billion as employment in the industry dipped slightly in New York City, DiNapoli said Monday in a statement. The bonuses increased as profits from broker-dealer operations of New York Stock Exchange member firms increased to $24.5 billion, the most since 2010, according to the statement.
“The large increase in profitability over the past two years demonstrates that the industry can prosper with the regulations and consumer protections adopted after the financial crisis,” DiNapoli said in the statement. “It is too soon to tell how increased volatility in the financial markets might impact profits in 2018.”
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