The Average Wall Street Bonus Decreased by 26% in 2022

The Average Wall Street Bonus Decreased by 26% in 2022

The Average Wall Street Bonus , Decreased by 26% in 2022.

According to estimates released on March 30 by New York State Comptroller Thomas DiNapoli.

The average yearly Wall Street bonus dropped from $240,400 to $176,700 last year.

CNN reports that last year's bonus is still over "twice the median annual income" than American households.

According to the Census Bureau, average U.S. household income in 2021 was $70,800.

Wall Street firms were affected by inflation, Russia's war in Ukraine and fears of recession, among other things.

Wall Street firms were affected by inflation, Russia's war in Ukraine and fears of recession, among other things.

Wall Street firms were affected by inflation, Russia's war in Ukraine and fears of recession, among other things.

A 26% decline brings the average bonus closer to what financial employees received prior to the pandemic, Thomas DiNapoli, New York State Comptroller, via statement.

CNN reports that in 2021, Wall Street firms had a $42.7 billion bonus pool.

Last year, the pool was at $33.7 billion, marking the biggest decrease since the Great Recession.

The lower bonuses are projected to respectively bring in $208 million less and $457 million less in city and state tax revenue compared to the previous year.

While lower bonuses affect income tax revenues for the state and city, our economic recovery does not depend solely on Wall Street.

Employment in leisure and hospitality, retail, restaurants and construction must continue to improve for the city and state to fully recover, Thomas DiNapoli, New York State Comptroller, via statement