Wall Street bonuses hit a record high in 2024, with individual bankers earning average payouts of nearly a quarter of a million dollars, according to state officials.
On Wednesday, state Comptroller Thomas DiNapoli said that the average bonus paid to those working in New York City's securities industry increased by 31.5 percent in 2024 to $244,700. The bonus pool for the total sector, meanwhile, rose 34 percent to an all-time high of $47.5 billion in the year.
Theodore Moore, executive director of New York-focused advocacy group ALIGN, told Newsweek: "The affordability crisis is the hot-button issue of the moment, but everyone's talking about the high price of eggs and not the root causes—stagnant wages and runaway corporate power. As corporate profits have skyrocketed they've gone to shareholders, not workers, making the rich richer while working families pay the price. And with outsized power to acquire more business, corporate monopolies can drive up prices with abandon. Our economy should work for everyone, not just the wealthy few. We can start to right the ship by raising the minimum wage to catch up with costs and limiting corporations' power to dominate markets and drive inflation."
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