Average bonuses on Wall Street last year suffered their steepest fall since 2008's market bloodbath.
last year suffered their steepest fall since 2008's market bloodbath — dropping 26% from the year before to an average of $176,700, according to the Office of the New York State Comptroller.It's another headwind for New York City and New York State, where revenues are heavily reliant on personal income taxes, which in turn are driven by Wall Street pay packages.
That slowdown will add to other budgetary pressures expected this year, like declining values for commercial office buildings, which are expected to cut NYC tax revenues by 1.3%, according to the city'sTraditionally, Wall Street bonuses have also been important for the Manhattan-centric markets for high-end real estate and fine art.This isn't exactly a tragedy. The average bonus was still pretty high by historical standards.
And, at $176,700, it's more than twice as much as the median U.S. household was earning in 2021 , the last year of available data.The drop in bonus payments makes sense, in light of last year's horrific performance for both the stock and bond markets.The Barclays U.S. Aggregate index — the best gauge of the overall bond market — fell 15%, which might be the worst year for U.S.
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