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Home / Business / Wall Street's average bonus in 2017? Three times what most US households have done all year round.

Wall Street's average bonus in 2017? Three times what most US households have done all year round.



NEW YORK – Wall Street bonuses rise again at record levels, according to government data announced on Monday that 2017 the average bonus payout reached $ 184,220 [196593303] compared to a 17 percent increase with the previous year and the next Wall Street has reached its all-time high of $ 191,360 in more than a decade, according to the New York State Comptroller. That's an increase of 15 percent in 2016, when the average bonus was $ 157,660.

The larger bonuses reflect a revival on Wall Street as the Trump government rescinds regulation of the financial industry. The recent sell off in the markets creates the volatility that Wall Street traders are holding on to. And the Federal Reserve has begun to raise interest rates that will make it easier for banks to make profits. According to the New York State Comptroller, revenue in the financial industry increased 4.5 percent last year to $ 153 billion.

Government figures continue to reflect how much more Wall Street executives earn compared to the rest of the private sector. Including bonuses, Wall Street's average income in 2016 was $ 375,200, the last available year, five times higher than the rest of the private sector, with an average of $ 74,800, the Comptroller bureau said. In New York City, about 25 percent of the industry employees took more than $ 250,000, compared with 2 percent in the rest of the city's workforce, the report said.

[ Senate adopts rollback of banking rules implemented after financial crisis]

"The large increase in profitability in the last two years shows that industry can flourish with the regulations and consumer protection measures following the financial crisis," Thomas P. DiNapoli, the NY Comptroller.

The Bigger Bonus The pool was partly due to the far-reaching changes in tax legislation that were passed last year, prompting industry to raise some wages and bonuses, industry experts said. Banks are expected to be among the biggest beneficiaries of the reduction in corporation tax rates to 21 percent.

This comes at a time when efforts to rein in Wall Street wages are gradually easing. Legislators in the 2010 financial reform package, known as the Dodd-Frank Act, called for supervisors to curb compensation that was considered excessive or deferred, exposing a company to significant financial losses. However, progress on the rules has been protracted and should not be a priority under the Trump Government.

"The massive size of Wall Street bonuses is worrying, not just because it contributes to economic inequality in this country," said Sarah Anderson, project manager for global economics at the Institute for Policy Studies. "It's also a sign that the ruthless Wall Street bonus culture that contributed to the 2008 financial crisis continues to thrive."

The increase in premiums also contributes to a gender pay gap, say industry and compensation experts. The huge pool of Wall Street bonus money is distributed among the highest ranking and most successful executives and employees in the industry. But women are a small part of these employees.

For example, Goldman Sachs said this month that female employees in the UK receive an average hourly wage that is 56 percent lower than their male counterparts. The discrepancy is even greater if one considers the discretionary bonuses of the bank – the lifeblood of many large investment banks. The average bonus for a woman is 72 percent lower than for a man, said the bank, which includes more than 6,000 employees. New York-based Goldman Sachs blamed the pay gap for the lack of women in its highest-paid leadership positions. Currently, women in the UK account for 17 percent of the top quartile of the bank's highest paid workers.

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