Wall Street Banker Bonuses Surged 31% In 2024—Here’s How Much They Made

Forbes - Mar 26th, 2025

Wall Street bankers experienced a remarkable increase in bonuses, rising over 30% last year, as reported by New York State Comptroller Thomas DiNapoli. The average bonus within New York City's securities industry reached $244,700, contributing to an unprecedented bonus pool of $47.5 billion. This surge was driven by a significant uptick in dealmaking and a 90% rise in Wall Street profits, bolstered by a record performance from the S&P 500, Nasdaq, and major tech stocks like Nvidia and Palantir. The securities sector also saw employment numbers peak, with 201,500 employees, marking the highest annual level in over three decades. This bonus increase is projected to generate an additional $600 million in state tax revenue and $275 million for New York City compared to the previous year.

The robust financial performance of Wall Street in 2024 underscores a broader economic comeback, following a period of volatility during the COVID-19 pandemic. The record-breaking year for stock indices, particularly in the tech sector, reflects a continued investor confidence in sectors like artificial intelligence. This surge in Wall Street profits and bonuses has significant implications for the local economy, including increased tax revenues that could support public services and infrastructure. However, it also raises questions about income inequality and the sustainability of such growth in the financial industry. As Wall Street continues to flourish, the economic ripple effects will be closely monitored by both policymakers and market analysts.

Nvidia Palantir New York State Comptroller Wall Street Bonuses Thomas Di Napoli Securities Industry Stock Market Performance Ai Stocks

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RATING

7.6

Fair Story

Consider it well-founded

The article provides a detailed and factual account of Wall Street bonuses and profits in 2024, supported by credible data from the New York State Comptroller. It excels in clarity and readability, presenting complex financial information in an accessible manner. However, it could benefit from a broader range of perspectives to enhance balance and public interest. While the article is timely and relevant, its impact is limited by a lack of exploration into the broader socio-economic implications of the financial trends reported. Greater transparency regarding data methodology and the inclusion of diverse viewpoints could further strengthen the article's quality and engagement potential.

Accuracy

The article provides detailed statistics on Wall Street bonuses, profits, and employment figures, citing a report from New York State Comptroller Thomas DiNapoli. The claim that bonuses rose by 31.5% to an average of $244,700 and the total bonus pool reached $47.5 billion aligns with the reported data. Additionally, the increase in Wall Street's profits by 90% and the employment figures are consistent with the source. However, the article could benefit from more direct citations or links to the original report for verification. The potential discrepancy in exact figures or minor details could affect accuracy but overall, the story is factually sound based on the provided information.

Balance

The article primarily focuses on the financial success of Wall Street, highlighting bonuses and profits without delving into other perspectives, such as the socio-economic implications of such bonuses or contrasting views from labor or economic analysts. While it provides a comprehensive look at the financial data, it lacks a broader range of viewpoints that could provide a more nuanced understanding of the implications of these financial trends.

Clarity

The article is well-structured and uses clear, concise language to present complex financial data. It logically progresses from key facts to background information, making it easy for readers to follow. The use of bullet points for key facts aids readability, and the language remains neutral and factual throughout, contributing to overall clarity.

Source quality

The article cites the New York State Comptroller, a credible and authoritative source for financial data related to Wall Street. However, it does not include additional sources or expert opinions that could further substantiate the claims or provide context. The reliance on a single primary source limits the depth of analysis but maintains credibility due to the source's authority.

Transparency

The article mentions the source of its data but lacks transparency regarding the methodology used to compile these statistics. It does not explain how the figures were calculated or any potential biases in the data collection process. More detailed disclosure about the data's origin and any limitations would enhance transparency and reader trust.