New York comptroller projects Wall Street profits above $90bn, record bonuses
In short
New York State Comptroller Thomas DiNapoli estimated the state's securities industry will earn more than $90 billion (about 120 trillion won) this year, up from $65.1 billion last year, and that Wall Street bonuses will rise again to a record, according to Yonhap and Dong-A Ilbo. The reports attribute the gains to AI investment, mergers and listings, and heavier trading in volatile markets. Dong-A Ilbo noted the forecast runs counter to New York City's earlier projection of a 20 percent drop in bonuses this year.
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New York State Comptroller Thomas DiNapoli estimated that New York's securities industry will earn more than $90 billion (about 120 trillion won) this year, Yonhap reported, citing the Wall Street Journal and others. Dong-A Ilbo carried the same projection. Profits last year were $65.1 billion (about 87 trillion won), according to Yonhap, well below the new estimate. [ 1 , 3 ]
The reports attribute the improvement to the artificial intelligence investment boom, increased mergers and acquisitions and corporate listings, and heavier trading amid wider market volatility. On that basis, bonuses for securities industry employees are expected to rise again, with Yonhap saying they are likely to set a record. [ 1 , 3 ]
Last year's Wall Street bonus pool totaled $49.2 billion (about 66 trillion won), described by Yonhap as the largest on record. The average bonus was $246,900, or roughly 330 million to 340 million won, and average total compensation including base salary was $561,770, or roughly 750 million to 780 million won, figures that both Yonhap and Dong-A Ilbo reported with slightly different won conversions. Dong-A Ilbo added that, adjusted for inflation, last year's payout surpassed the pre-global-financial-crisis record. [ 1 , 3 ]
On employment, Yonhap reported that New York City financial industry jobs rose 3.5 percent last year to 207,400, and that preliminary data point to 5,300 additional positions this year. [ 1 ]
Dong-A Ilbo noted that the record-bonus forecast differs from New York City's earlier projection that this year's bonuses would fall 20 percent. Neither outlet states a figure for the bonus total now expected this year. The two reports also differ in scope: Yonhap describes the $90 billion as the profit of the New York state securities industry, while Dong-A Ilbo's summary describes it as the profit of the US financial sector, both attributing the number to the comptroller. [ 1 , 3 ]
Why it matters
The projection points to another year of record pay in New York's securities industry, which the reports tie to the AI investment boom, dealmaking and market volatility. The documents give no figure for this year's expected bonus total, and their descriptions of what the $90 billion covers differ, so the size of any increase is not yet established.
Key facts
- New York State Comptroller Thomas DiNapoli estimated the state's securities industry will earn more than $90 billion (about 120 trillion won) this year, according to Yonhap, a figure Dong-A Ilbo also reported. [ 1 , 3 ]
- Profits last year were $65.1 billion (about 87 trillion won), Yonhap reported. [ 1 ]
- The reports attribute the gains to AI investment, mergers and acquisitions, corporate listings and increased trading amid market volatility. [ 1 , 3 ]
- Bonuses for securities industry employees are expected to rise this year and set a record, according to Yonhap, while Dong-A Ilbo said they are expected to be higher than last year. [ 1 , 3 ]
- Last year's total bonus pool was $49.2 billion (about 66 trillion won), the largest on record, with an average bonus of $246,900 and average total pay of $561,770 including base salary. [ 1 , 3 ]
- New York City financial industry employment rose 3.5 percent last year to 207,400, and preliminary data point to 5,300 more jobs this year, Yonhap reported. [ 1 ]
- Dong-A Ilbo said New York City had earlier expected this year's bonus total to fall 20 percent. [ 3 ]
Confirmed by several sources
- New York State Comptroller Thomas DiNapoli projected profit of more than $90 billion (about 120 trillion won) for the securities industry this year, up from last year's $65.1 billion. [ 1 , 3 ]
- Bonuses are expected to increase from last year's record level. [ 1 , 2 , 3 ]
- The projected gains are linked to AI investment, mergers and acquisitions, listings and market volatility. [ 1 , 3 ]
- Last year's bonus pool totaled $49.2 billion, with an average bonus of $246,900 and average total compensation of $561,770. [ 1 , 3 ]
Still unclear
- Whether the $90 billion figure covers the New York state securities industry or the US financial sector. Yonhap describes it as New York state's securities industry, while Dong-A Ilbo's summary describes it as the US financial sector; both attribute the figure to the comptroller.
- How the comptroller's record-bonus forecast squares with New York City's earlier projection of a 20 percent decline. Only Dong-A Ilbo mentions the city's earlier projection, and no outlet explains the difference.
- The expected size of this year's bonus pool. The documents say bonuses will rise and set records but give no figure for the amount expected this year.
- Employment figures for New York City's financial industry. The 207,400 jobs and 3,500-job increase appear only in Yonhap's report.
- Additional detail from Newsis beyond its headline. Newsis's headline carries the profit-and-bonus forecast, but the article text addresses a different topic, so it adds no detail on this event.
What local media are saying
Timeline, local time
- Yonhap publishes its report on the comptroller's projection, referring to an estimate reported on October 6 US local time by the Wall Street Journal and others. [ 1 ]
- Newsis publishes its report under a headline forecasting financial-sector profits in the 120 trillion won range. [ 2 ]
- Dong-A Ilbo publishes its report, noting the record-bonus forecast runs counter to New York City's earlier expectation of a 20 percent decline. [ 3 ]