Wall Street Bonuses Soared 15% Last Year
Why is Time showing this? To breed envy, or show injustice? or perhaps to congratulate these pool of professionals. Whatever the reasons, all of us should take note. The economy is on the upswing and none of us want to be left behind. I just finished reading another article from a reputable magazine which stated that start up companies will be the way most of us forge ahead financially. Read this but let let Time fool you. This is there message to let all of us know the uptick is here and you don’t want to get left behind.
Wall Street bonuses catapulted upward in 2013, rising 15% to an average of nearly $165,000 even though firms like JPMorgan Chase and Morgan Stanley paid billions of dollars in legal and regulatory settlements.
New York securities firms will pass out $26.7 billion in cash bonuses and deferred compensation for 2013 performance, bringing the average bonus to $164,530. The increased estimate by New York State Comptroller Thomas DiNapoli does not include stock options or deferred compensation for which taxes haven’t been withheld.
Wall Street bonuses increased in 2013 despite lower profits than the year before and expensive legal settlements.
“Wall Street navigated through some rough patches last year and had a profitable year in 2013. Securities industry employees took home significantly higher bonuses on average,” Mr. DiNapoli said. “Although profits were lower than the prior year, the industry still had a good year in 2013 despite costly legal settlements and higher…
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