Wall St Bonuses Drop 44 Percent
Wednesday, January 28, 2009
Wall Street bonuses shrank dramatically last year.
The average compensation check mailed out last month was one hundred twelve thousand dollars, thirty six percent smaller than in 2007. That number from State Comptroller Thomas DiNapoli. His office analyzed state labor data, and found the total size of the bonus pool was 44 percent smaller in 2008. The year-end bonus can represent the bulk of a trader's yearly income but it also can have a big effect on tax revenues. DiNapoli says the declines could mean $1 billion dollars in lost taxes for the state while the city could see losses of $275 million dollars.