Wall Street bonuses fell 26% in 2022 amid rising interest rates and fears of a recession.According to a report released Thursday from New York State Comptroller Thomas DiNapoli, bonuses dropped to an average $176,700, closer to what financial employees received prior to the COVID-19 pandemic.
“While lower bonuses affect income tax revenues for the state and city, our economic recovery does not depend solely on Wall Street,” DiNapoli said. “Employment in leisure and hospitality, retail, restaurants and construction must continue to improve for the city and state to fully recover.”
The total 2022 bonus pool for New York City securities industry workers shrank by 21% to $33.7 billion during the bonus season that traditionally spans December to March, much lower than the previous year’s record of $42.7 billion, and the largest drop since the Great Recession.
Source : Wall Street Bonus Payouts Drop by 26% Amidst Inflation and Higher Interest Rates