Last Year, Wall Street Bonuses in the US Jumped 20% to an All-Time High... 310 Million KRW Per Person

[Image source=Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] Last year, the average bonus amount for Wall Street workers in New York, USA, exceeded 300 million KRW per person, marking an all-time high, according to reports.

On the 23rd (local time), US economic media CNBC cited a report from Thomas DiNapoli, New York State Comptroller, stating that the average bonus amount paid to securities industry workers in New York City last year is estimated to have increased by 20% from the previous year to $257,500 (approximately 314.15 million KRW).

This is the largest amount ever recorded. The estimate includes cash bonuses for work performed in 2021. CNBC noted that considering the revenue growth of Wall Street firms such as Goldman Sachs and JP Morgan Chase, such bonuses were expected.

In particular, Comptroller DiNapoli's report is evaluated as showing that Wall Street plays a significant role in New York State's fiscal soundness. Although securities industry jobs account for only 5% of private sector employment, they represented 18% of the state's tax revenue collection for the 2021 fiscal year, amounting to approximately $14.9 billion.

The average salary per Wall Street worker is about five times the average salary in the private sector ($92,315). The number of Wall Street workers last year was estimated at about 180,000. While there was little change compared to the previous year, it is 10% less than during the peak period in the past.

However, this year, due to inflation and the aftermath of Russia's invasion of Ukraine, it is expected that Wall Street bonuses will decrease by double digits.

This content was produced with the assistance of AI translation services.