According to fresh data
from the New York State Comptroller, the average bonus dished out to
Wall Street employees jumped 20% to a record $257,500 in 2021 as big
banks reported huge profits
despite widespread havoc caused by the coronavirus pandemic. Last year's average Wall Street bonus was the highest since 2006
, prior to the Great Recession.
comptroller's office points out that while the securities industry
comprises just 5% of private-sector employment in New York City, it
makes up one-fifth of total private-sector wages.
Taking the new figures into account, Sarah Anderson of the Institute for Policy Studies notes in a report
that the average Wall Street bonus has soared by 1,743% since 1985.
"By contrast, typical American workers lost earnings power in 2021," Anderson writes, noting that high inflation has eroded
the modest wage gains seen by ordinary people. "Average weekly earnings
for all U.S. private-sector employees rose by only 2% between January
2021 and January 2022, according to the Bureau of Labor Statistics."....