April 8, 2021
2020 may go down in history as a terrible year for a lot of people, but you won’t find many of them on Wall Street.
According to this article at the Journal News website, Wall Street firms paid their New York City-based workers an average bonus of $184,000 last year, up ten percent from the previous year (and this does not include stock options or other forms of deferred compensation for which taxes were not withheld). Since 1985, Wall Street bonuses have grown 1,217 percent. If the minimum wage had grown at the same rate, it would currently be $44.12 an hour.
While New York City’s securities industry accounts for just 5% of total private sector jobs, it accounts for 20% of all private sector wages.