Wall Street bonuses hit record $47.5B in 2024 — with each banker earning average $245K payout

New York Post - Mar 26th, 2025

Wall Street's bonus pool reached a record $47.5 billion in 2024, marking a 31% increase from the previous year, as reported by New York State Comptroller Thomas P. DiNapoli. This surge in bonuses reflects the financial sector's strong recovery from the COVID-19 pandemic, with profits rising 90% due to robust trading, underwriting, and dealmaking activities. The significant increase in compensation signifies the first major boost since the pandemic, highlighting Wall Street's pivotal role in New York's economy, contributing 19% to the state's tax revenue and 7% to the city's revenue.

However, DiNapoli cautioned that the positive trend might face challenges due to potential economic uncertainties and federal policy changes, including the repercussions of President Donald Trump's tariff trade war. Despite the record bonuses and job growth in the finance sector, which reached its highest level in nearly three decades, the future outlook remains uncertain. The sector's expansion has also driven property development and leasing activities in New York City, exemplified by JPMorgan Chase's new headquarters project, underscoring Wall Street's broader economic impact and its importance to the city's recovery and growth post-pandemic.

Wall Street Jp Morgan Chase Financial Services Thomas P. Di Napoli New York State Comptroller Covid 19 Recovery Tariff Trade War

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RATING

6.8

Fair Story

Consider it well-founded

The article provides a clear and timely account of Wall Street's record bonuses in 2024, supported by credible data from the New York State Comptroller. It effectively highlights the economic significance of the financial sector in New York. However, the article could benefit from a wider range of perspectives, particularly those critical of income distribution and economic policy. While the piece is well-structured and readable, it lacks depth in exploring the broader societal implications of such financial trends. The story's impact and engagement could be enhanced by including more diverse viewpoints and interactive elements.

Accuracy

The story accurately reports that Wall Street's bonus pool hit a record high of $47.5 billion in 2024, which is supported by the data from New York State Comptroller Thomas DiNapoli. The increase of 34% from the previous year's $35.4 billion is also correct. Additionally, the average bonus of $244,700, reflecting a 31% increase, is consistent with verified sources. However, the claim about profits rising by 90% in 2024 and the exact reasons for this increase, such as stronger trading, underwriting, and dealmaking revenues, would benefit from further verification. The employment figures and the economic impact statements are mostly accurate, though they could be cross-referenced with additional data for precision.

Balance

The article predominantly focuses on the positive aspects of Wall Street's financial performance, highlighting the record bonuses and economic contributions. However, it briefly mentions potential negative impacts, such as the warning from DiNapoli about economic uncertainty due to federal policy changes. The story lacks perspectives from those who might critique the high bonuses, such as economic analysts concerned about income inequality or the broader societal implications of such wealth concentration.

Clarity

The article is generally clear and well-structured, with a logical flow of information. It uses straightforward language to present complex financial data, making it accessible to a general audience. However, some technical terms, such as 'underwriting' and 'dealmaking revenues,' could be better explained for readers unfamiliar with finance.

Source quality

The primary source for the data is New York State Comptroller Thomas DiNapoli, a credible and authoritative figure in financial reporting. However, the article does not cite other sources or provide direct links to reports or data, which would strengthen its reliability. Including a variety of sources, such as independent financial analysts or economists, would enhance the article's depth and credibility.

Transparency

The article provides some context for the financial data, such as the impact of COVID-19 lockdowns and subsequent recovery. However, it lacks detailed explanations of the methodologies used to calculate the bonus figures or the economic contributions. It also does not disclose any potential conflicts of interest or biases that might influence the reporting.