- Category: Economic
- Published Monday, March 7, 2016
- CTV News
ALBANY, N.Y. -- New York's comptroller says average Wall Street bonuses were down 9 per cent last year to $146,200 as industry profits declined.
State Comptroller Thomas DiNapoli (dee-NAP'-oh-lee) estimates Monday that industry-wide profits declined by 10.5 per cent, the third straight yearly decline. DiNapoli says revenues were weak, especially from trading and underwriting. Profits were at their lowest reported level since 2011.
DiNapoli says weaknesses in the global economy and market volatility could continue to hurt profits this year.
One bright spot: employment in the securities industry in New York City grew by 2.7 per cent in 2015.
The state comptroller releases an annual estimate of bonuses paid to securities industry employees in New York City. The state and city budgets rely on the securities industry and lower profits can affect tax revenue.