7 takeaways from the 2016 bonus round (so far)

Money On Hook

This may make you feel a whole lot better about what you got - or a whole lot worse.

1. Bloomberg - Wall Street’s bonus pool rose 2% to $23.9 billion in 2016, the first increase in three years, according to estimates by New York State Comptroller Thomas DiNapoli.

2. MarketWatch - Since 1985, bonuses have soared 890%, seven times the rise in the federal minimum wage.

3. Bloomberg - Goldman Sachs didn’t pay 2016 bonuses to about 100 bankers who advise on takeovers and underwrite securities offerings, people with knowledge of the matter said last month.

4. New York Post - New York’s financial services employees took home on average $138,210 in bonuses for 2016 - the first time the bonus pool rose in three years. The all-time average high of $191,000 in 2006

5. The Office of the New York State Comptroller - The average salary (including bonuses) in the city’s securities industry ($388,000 in 2015, the latest annual data available) was five times higher than in the rest of the private sector ($74,000). Nearly one-quarter (23 percent) of the industry’s employees in the city earned more than $250,000, compared with 2 percent in the rest of the city’s workforce.

6. Bloomberg - Morgan Stanley and Bank of America increased their fixed income bonus pools by about 10%, people familiar with the matter said in January.

The securities industry in New York City added 3,800 jobs in 2016 to reach 177,000, the highest annual level since the financial crisis. This was the third consecutive year of job gains, although job growth slowed. The industry added 2,800 jobs in 2014 and 4,500 jobs in 2015.

 

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