{"id":280569,"date":"2011-02-24T12:21:44","date_gmt":"2011-02-24T12:21:44","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/24\/the-2010-wall-street-bonus-128530\/"},"modified":"2011-02-24T12:21:44","modified_gmt":"2011-02-24T12:21:44","slug":"the-2010-wall-street-bonus-128530","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/24\/the-2010-wall-street-bonus-128530\/","title":{"rendered":"The 2010 Wall Street bonus: $128,530"},"content":{"rendered":"<p><div readability=\"84.6167664671\"><span id=\"fb-recommend\"\/><br \/>\n<span>By Aaron Smith, CNNMoney staff writer<\/span><span>February 24, 2011: 7:21 AM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><!--endclickprintexclude--><!-- CONTENT --><\/p>\n<p>NEW YORK (CNNMoney) &#8212; Wall Street workers may be feeling a little leaner since cash bonuses fell nearly 8% last year, according to New York State Comptroller Thomas DiNapoli.<\/p>\n<p>But bonuses still averaged more than $120,000. And that doesn&#8217;t take into account salaries or commissions, which can significantly bump up workers&#8217; total compensation packages. <\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>Total bonuses paid to New York City workers in the financial securities industry fell to $20.8 billion in 2010. That&#8217;s a one-third drop from 2007, before the financial crisis, DiNapoli said.<\/p>\n<p>But don&#8217;t take that as a sign of Wall Street weakness, because profits totaled $27.6 billion last year, second only to 2009, when the federal bailouts and low interest rates drove up bonuses by 27%.<\/p>\n<p>On average, <a href=\"http:\/\/finance.fortune.cnn.com\/2011\/02\/23\/citis-executive-pay-giveaway\/\">bonuses for Wall Street workers<\/a> in the financial services industry dropped to $128,530 in 2010, from $140,730 the prior year, said the comptroller, insisting that the 2010 results are evidence of the changing culture of Wall Street.<\/p>\n<p>&#8220;Cash bonuses are down, but that&#8217;s not an indicator of a weakness on Wall Street,&#8221; said DiNapoli, in a statement. &#8220;Wall Street is changing its compensation practices in response to regulatory reforms adopted in the aftermath of the greatest financial meltdown since the Great Depression. Past practices rewarded short-term gains at the expense of long-term profitability.&#8221;<\/p>\n<p>The financial securities&#8217; cash bonuses are an important contributor to New York State&#8217;s tax coffers, but not as much as they used to be.<\/p>\n<p>New York State had been getting roughly 20% of its tax revenues from Wall Street-related business and personal income tax collections before the start of the financial crisis.<\/p>\n<p>The finance industry suffered steeper job losses than other industries. The securities industry in New York City lost 30,700 jobs during the recession, a 16% decline, which is 3.5 times the total job loss rate in the city.<\/p>\n<p>The comptroller has been tracking Wall Street bonuses since 1985, when the Wall Street total bonus pool was $1.9 billion, with an average of $13,970.\u00a0<a href=\"http:\/\/money.cnn.com\/2011\/02\/24\/news\/economy\/wall_street_bonus\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!-- \/CONTENT --><!--startclickprintexclude--><!--startclickprintexclude--><br \/>\n<!--endclickprintexclude--><\/p>\n<p>First Published: February 24, 2011: 7:04 AM ET<\/p>\n<p><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/0e63013ebug.gif\" \/><\/p>\n<p>Originally posted here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/Yodf3XhIGD4\/index.htm\" title=\"The 2010 Wall Street bonus: $128,530\" rel=\"noopener noreferrer\">The 2010 Wall Street bonus: $128,530<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> By Aaron Smith, CNNMoney staff writer February 24, 2011: 7:21 AM ET NEW YORK (CNNMoney) &#8212; Wall Street workers may be feeling a little leaner since cash bonuses fell nearly 8% last year, according to New York State Comptroller Thomas DiNapoli. But bonuses still averaged more than $120,000. And that doesn&#8217;t take into account salaries or commissions, which can significantly bump up workers&#8217; total compensation packages<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-280569","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The 2010 Wall Street bonus: $128,530 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/02\/24\/the-2010-wall-street-bonus-128530\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The 2010 Wall Street bonus: $128,530 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Aaron Smith, CNNMoney staff writer February 24, 2011: 7:21 AM ET NEW YORK (CNNMoney) -- Wall Street workers may be feeling a little leaner since cash bonuses fell nearly 8% last year, according to New York State Comptroller Thomas DiNapoli. But bonuses still averaged more than $120,000. 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