The average bonus paid to securities industry employees in New York City grew by 15% to $164,530 in 2013, which is the largest average bonus since the 2008 financial crisis, and the third highest on record, according to an estimate released by New York State Comptroller Thomas P. DiNapoli.
The bonus estimate includes cash bonuses for the current year, supplemented by compensation deferred from prior years.
'Wall Street navigated through some rough patches last year and had a profitable year in 2013. Securities industry employees took home significantly higher bonuses on average', DiNapoli said. 'Although profits were lower than the prior year, the industry still had a good year in 2013 despite costly legal settlements and higher interest rates. Wall Street continues to demonstrate resilience as it evolves in a changing regulatory environment'.
After record losses during the financial crisis, the securities industry has been profitable for five consecutive years, including the three best years on record. The industry reported profits for the broker/dealer operations of the New York Stock Exchange member firms, the traditional measure of profitability for the securities industry, totaled $16.7 billion in 2013, which is 30 percent less than in 2012 ($23.9 billion) but still strong by historical standards.