June 20, 2013
2012: Bonuses for the Bull
Posted on Feb 26, 2013
While profits tripled and layoffs commenced in the banking industry last year, Wall Street divided at least $20 billion in gifts made of cash and stock among its employees.
The numbers come Tuesday from New York State Comptroller Thomas DiNapoli, whose office analyzes bonus data based on taxes paid to New York City and the state.
DiNapoli said bonuses rose 8 percent in 2012 and the average extra payout was $121,900. Meanwhile, profits within the New York Stock Exchange—which excludes many real estate and investing firms—tripled from $7.7 billion to $24 billion.
The world’s top 40 hedge fund chiefs earned a total of $16.7 billion last year, Forbes reported Tuesday.
At JPMorgan Chase’s investor conference in Manhattan on Tuesday, Chief Financial Officer Marianne Lake said the firm expects to shed 4,000 employees over the next year—mostly by not replacing workers who decide to leave. But it anticipates keeping the amount of cash it spends on compensation “relatively consistent,” she added.
—Posted by Alexander Reed Kelly.
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