Wall Street bonuses up 2% in 2014

GMT 18:39 2015 Wednesday ,11 March

Arab Today, arab today Wall Street bonuses up 2% in 2014

Wall Street
New York - AFP

The average Wall Street bonus rose two percent in 2014 as hiring in New York City's financial sector picked up, according to a government report Wednesday.
The average bonus for New York City's security industry rose to $172,860 in 2014, the highest level since the financial crisis, said a report by the office of the New York State Comptroller.
The loftier bonuses came despite a 4.5 percent drop in broker/dealer profits in 2014 to $16 billion, the report said.
The decline in profits was due to weakness in some trading divisions, costly legal settlements at large banks and higher capital reserve requirements imposed by regulators after the financial crisis.
The industry added 2,300 jobs in New York City in 2014, the first year of positive job growth in the sector since 2011.
"The cost of legal settlements related to the 2008 financial crisis continues to be a drag on Wall Street profits, but the securities industry remains profitable and well-compensated even as it adjusts to regulatory changes," said New York State Comptroller Thomas DiNapoli.
"The resumption of job growth in the securities industry bodes well for New York's economy, but it remains to be seen whether this trend will be sustained."
The average increase in bonuses in 2014 was well below the rise notched in the previous two years.
Average bonuses fell from a peak of $191,360 on average in 2006 to $100,850 in 2008 during the financial crisis.

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