The average bonus on Wall Street rose 2 percent last year to $172,860, New York state’s budget watchdog said on Wednesday.
Pre-tax profits at the broker-dealer operations of New York Stock Exchange member firms fell 4.5 percent to $16 billion, the report by New York state comptroller Thomas DiNapoli said. After years of layoffs and cutbacks, the securities industry in New York grew, adding 2,300 new jobs in 2014.
“The cost of legal settlements related to the 2008 financial crisis continues to be a drag on Wall Street profits, but the securities industry remains profitable and well-compensated even as it adjusts to regulatory changes,” DiNapoli said in a release.
Industry profits were lower, the report said, because of “weakness in fixed income and commodities trading, higher capital reserve requirements, and the continued cost of legal settlements stemming from the financial crisis.”
The nation’s six largest bank holding companies also reported a decline in profits in 2014, the report said.
Coins2Day contributed to this report.