Wall Street Bonuses Set for 7% Increase Amid Profit Surge

The rise in bonuses follows an 80% jump in pre-tax profits for securities firms in the first half of 2024, driven by a robust economic environment.

Wall Street bonuses are projected to rise by 7.4% in 2024, marking the first significant increase in two years.
Pre-tax profits for securities firms in New York City surged nearly 80% in the first half of 2024 compared to the same period in 2023.
The securities industry contributed significantly to New York's economy, with $19.4 billion in state tax revenue in the fiscal year 2023-2024.
Despite the positive financial outlook, the industry may see a reduction of 3,400 jobs due to annual performance reviews and company restructurings.
New York remains the capital of the securities industry, though other states like California and Texas are adding jobs at a faster rate.