Wall Street Bonuses Plummet

Submitted by Melissa Hoffmann on Wed, 01/28/2009 - 14:29

Cash bonuses paid by Wall Street firms to their New York City employees declined by a whopping 44 percent in 2008 in response to record losses suffered by the securities industry, according to an estimate released today by State Comptroller Thomas P. DiNapoli.

DiNapoli warned that the effect will be a major loss of tax revenue for the state and city, and will "ripple through the regional economy."

Also: Employment in the securities industry in New York City declined from 187,800 in October to 168,600 in December, a loss of 19,200 jobs. That's 10.2 percent. In just two devastating months. Securities industry losses could exceed $35 billion, DiNapoli said.
 New York City Comptroller William Thompson (at podium) and state Comptroller Thomas P. DiNapoli, at a recent breakfast briefing on the financial crisis. Click the pic for related story.

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