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Wall Street bonuses surge 17% on year

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by Kay Mitchell
Wall Street bonuses surge 17% on year

Bonuses for Wall Street bankers grew by 17% to $20 billion (£13.2 billion) in 2009, according to figures from the New York state Comptroller Thomas DiNapoli.

The figures come at a time when US taxpayers are bailing out banks and Mr DiNapoli said: “For most Americans, these huge bonuses are a bitter pill and hard to comprehend.”

He added: “Taxpayers bailed them out, and now they’re back making money while many New York families are still struggling to make ends meet.”

However, while American taxpayers will find the figures hard to swallow, Mr DiNapoli pointed out that the figure for 2009 is a third less than the amount paid in 2007 when Wall Street had its previously most profitable year.

DiNapoli is backing a change in the bonus culture which require Wall Street bonuses to be linked to long-term profitability.

Meanwhile, the average taxable bonus on Wall Street increased to $123,850 in 2009.

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News posted: February 23, 2010

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