Wall Street bonuses grew an estimated 15% in 2013, swelling to an average $164,530, the third-highest amount on record, the New York comptroller's office reported Wednesday.
Firms will pay out an estimated $26.7 billion in bonuses to their employees for performance in 2013, state officials said. The estimate includes cash bonuses for that year and deferred compensation from previous years.
"Wall Street navigated through some rough patches last year and had a profitable year in 2013," said New York Comptroller Thomas P. DiNapoli. "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.”
The comptroller's office releases an annual estimate of cash bonuses paid to employees in the securities industry who work in New York City.
Employees who work outside of New York are not included, and the estimate is based on personal income tax trends. The figures do not include stock options and do not distinguish from cash bonuses for the year and previous deferred compensation.
Wall Street is one of New York City's key industries. Though the securities industry accounts for only 5% of the city's private-sector jobs, it accounts for 22% of all private-sector wages paid in 2012, the comptroller's office said.
The average salary paid to Wall Street employees, including bonuses, was $360,700 in 2012, the comptroller's office said. Data are not yet available for 2013. The average private-sector salary was $69,200 in 2012.