According to New York state comptroller, the average bonus given to employees working in securities has risen 20% to record $257,000. Thomas DiNapoli.

Tuesday’s projection will be released in annual reportNew York’s most senior fiscal officer offers cash bonuses to 2021 workers as well as recent deferred award payments, according DiNapoli.

It’s not unexpected that Wall Street businesses, including Wall Street ones, pay higher salaries. Goldman Sachs JPMorgan ChaseWe saw massive revenue growths in January thanks to booming mergersStrong trading activity, and public listing. According to pay consultants, November saw banks posting the following: largest increaseSince 2009, in bonus

The report by DiNapoli highlights how important Wall Street employees are to New York’s financial wellbeing. He said that while the securities industry only makes up 5% of all private sector jobs, it accounted for 18% (or $14.9 billion) of state tax collection in 2021.

According to the report, Wall Street workers earn almost five times as much as the average private sector salary of $92,315 excluding finance. The latest data from the comptroller showed that overall compensation rose 7.7% for Securities Workers to $438,370 by 2020.

The number of workers employed in New York’s securities sector in 2021 was roughly the same as in previous years, although it is about 10% lower than the peak reached twenty years ago. New York is still the nation’s financial capital. However, its share in finance jobs has declined as more firms open offices in Florida and Texas.

According to the report, Wall Street’s pay was higher than New York expected. This “should help city exceed its anticipated revenue from income taxes.” But, financial planners in the city assume that Wall Street activity is less active this year. This means that industry bonuses will fall by 17%.

DiNapoli stated that Wall Street’s record-breaking profits in 2021 surpassed expectations and drove record bonuses. “In New York, we won’t get back to our pre-Covid economic strength until more New Yorkers and more sectors — retail, tourism, construction, the arts and others ­­— enjoy similar success.”