Wall Street bankers saw their bonuses rise more than 30% last year, according to a Wednesday statement from New York State Comptroller Thomas DiNapoli, contributing to a record high bonus pool lifted by a strong performance from Wall Street in 2024.
DiNapoli's report was published Wednesday. (Photo by STAN HONDA/AFP via Getty Images)
Average bonuses within New York City’s securities industry jumped 31.5% to $244,700 last year, according to an annual estimate from DiNapoli.
The total estimated bonus pool reached a whopping $47.5 billion as dealmaking surged last year, marking a 34% increase from 2023 and the largest amount on record since 1987.
The rise in bonuses came as Wall Street’s profits rose 90% last year, coinciding with a record year for the S&P 500, Nasdaq and several tech stocks including Nvidia and Palantir.
Securities employment also reached its highest annual level in at least 30 years, DiNapoli said, adding there were 201,500 employees in 2024, up from 198,400 in the previous year.
DiNapoli estimated last year’s bonuses will create $600 million more in state income tax revenue and an increase of $275 million for New York City from 2023.
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$49.9 billion. That is the profit made by Wall Street last year, a major increase from 2023’s $26.3 billion in profits. The spike still does not match profits seen in the midst of the COVID-19 pandemic, when Wall Street raked in $50.9 billion in 2020 and $58.4 billion in 2021.
Analysts make around $160,000 to $210,000 per year after bonuses, according to a Mergers and Inquisitions analysis, which notes associates bring in anywhere from $275,000 to $475,000 per year after bonuses.
2024 was a banner year for stocks, with the Nasdaq, which reached an all-time high, surging 28.6% and the S&P 500 rising 23.3%. Last year marked the second consecutive year the S&P 500 jumped more than 20%, according to Charles Schwab, which said the milestone had not been reached since the late 1990s. Last year also included record benchmarks for tech stocks, with AI chip designer Nvidia surging 171% in 2024 and AI defense contractor Palantir becoming the S&P 500’s best performing stock.
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