March 30, 2023
Wall Street bonuses fell 26% last year — lowest since 2019
Big Wall Street firms slashed year-end bonuses 26% — a sharp decline from the record payouts handed out during the pandemic — as rising interest rates and recession worries hit bank profits, according to data released Thursday by New York State Comptroller Thomas P. DiNapoli. The average bonus last year for those working in the New York City securities industry dropped to $176,700 — a 26% decrease from the $240,400 average those in the securities industry received in 2021. While 2022 was a dramatic dip from the lavish pay bankers received over the last few years, it puts bonuses in line with what many received pre-pandemic. “A 26% decline brings the average bonus closer to what financial employees received prior to the pandemic,” DiNapoli said in a statement. “The fall to pre-pandemic levels mostly reverses the pool’s dramatic growth of 25% in 2020 and 15% in 2021.” “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.” DiNapoli lamented the fact that the smaller bonuses will mean a decline in income tax revenue for both the city and Albany. Collectively, Wall Street’s bonus pool totaled $33.7 billion, which was 21% lower than the record-high of $42.7 billion from 2021, according to DiNapoli’s office. Overall, Wall Street’s pretax profits fell 56% last year compared to 2021 as macroeconomic headwinds that were exacerbated by the ongoing war in Ukraine, soaring inflation, and sky-high interest rates took their toll. According to DiNapoli’s report, the finance industry employed some 190,800 people — the highest level in more than two decades. The report estimates that 1 in 11 jobs in New York City are either directly or indirectly linked to finance. But the city’s share of jobs in the securities sector is shrinking due to the departure of some firms. Several New York City-based firms, including Goldman Sachs, private equity giant Apollo Global Management, Blackstone, D1 Capital, Elliott Management Corp, Moore Capital, PineBridge Investments, Virtu Financial, and the Steve Cohen-run hedge fund Point72Asset Management — announced that they would be establishing a footprint in the Greater Miami area, cementing the region’s reputation as “Wall Street South.” DiNapoli’s office reported that Wall Street firms have seen a rise in the number of employees who have returned in-person to the office. Financial services company reported that 59% of its employees were in the office on a given day in January of this year — compared to 52% of employees who work in other sectors of the economy. According to DiNapoli’s report, 43% of Wall Street employees take the subway, which is higher than the citywide average. Remote work, which became a necessity during the pandemic but has endured since the lifting of COVID-related lockdowns, has led to a sharp drop in subway ridership, lower occupancy in commercial real estate, and steep declines in income for small businesses that rely on daily commuter foot traffic.
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Mary Trump 'energized' as uncle 'Donald's campaign spirals into chaos'
Mar 29, 2024
Donald Trump's campaign is in chaos, and his niece says she's energized.Mary Trump, the niece of the former president and a psychologist by trade, has previously been critical of her uncle.On Thursday, she said her uncle's failures are adding up.ALSO READ: A neuroscientist reveals how Trump and Biden's cognitive impairments are different"As the RNC’s fundraising falters and Donald’s campaign spirals into chaos, I am energized!" she said in a Substack post.She then continued:"When Donald dominates the news cycle, it’s hard not to feel overwhelmed. Every bad headline has a negative impact. But then I remember something crucial: There’s usually more to the story than meets the eye. I’m determined to cut through the media noise and share with you all the good that happened this week. These are the headlines we need to remain energized and hopeful that the media largely ignored."Mary Trump goes on to highlight President Joe Biden's recent fundraising hauls."President Biden’s $155 million+ war chest has just received another turbo boost, bringing the total of cash on hand to at least $180 million. (By comparison, between his campaign and the RNC, Donald barely has over $50 million — and continues to drain the accounts to cover his absolutely staggering legal expenses)," she wrote. "This is a development that could significantly increase Biden’s ability to influence the narrative in crucial swing states."This, she says, also tells us a lot about voter excitement for Biden."While critics have expressed doubts about the degree to which the Democratic base is fired up as compared to 2020, today’s $25 million fundraiser, raised with donations ranging from $250 to $500,000, should put any doubts to rest — yes, we are absolutely behind President Biden and Vice President Harris and we’re in this fight until the end," she wrote.Read the full post here.
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