Wall Street earned a lot less this year, and bonuses may suffer
Bad news for Wall Street.
The New York City securities industry earned 18% less in the first half of this year than last year, according to New York State Comptroller Thomas DiNapoli's annual Wall Street report.
The report also said that compensation trends suggest that bonuses could be lower in 2016 for the third year in a row.
And between March and August of this year, some 2,600 jobs were shed.
"It appears that the industry has resumed downsizing after two years of job growth," the report said. However, the industry may still post a small employment gain by the end of the year, despite the recent decline, it said.
Here's the aggregate headcount:
Here's a look at industry profits:
And here's the average bonus:
Of note, the report says that many firms have raised the base salaries for employees, and now pay a smaller share of bonuses in the current year while deferring a larger share to future years.
In March 2016, the Comptroller's office estimated that the bonus pool paid for work done in 2015 (including bonuses deferred from prior years) had dropped 6% to $25 billion.
"The securities industry has been a less powerful economic engine during the current recovery than in the past," the report said.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Reliance gets thumbs-up from S&P, Fitch as strong earnings keep leverage in check
- Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499
- 8 Fun things to do in Kasol
- SC rejects pleas seeking cross-verification of votes cast using EVMs with VVPAT
- Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market