The average bonus paid to securities industry employees in New York City in 2013 grew 15% to hit $164,530 in 2013. That’s 3X the median American household income of $51,000. But, how dare are you to question such bonuses? After all, 2013 was a great year for all market participants. Plus, do you know how freaking hard it is to shuffle paper assets around? That’s right, so shut up you average American peasant.
Now, last time Wall Street bonuses were this high was in 2007. This is rather simple. The massive Wall Street bonuses last year are yet another indicator for the stock market top. As I have indicated many times before, based on our mathematical and timing work, the bear market of 2014-2017 is just around the corner. When it starts, most of the excesses associated with the last 5 years will disappear. If you would be interested in learning the internal structure of the upcoming bear market and its exact timing, please Click Here.
Did you enjoy this article? If so, please share our blog with your friends as we try to get traction. Gratitude!!!
Click here to subscribe to my mailing list
Wall Street To Main Street ……Suck It America Google
The average bonus paid to securities industry employees in New York City in 2013 grew 15% to hit $164,530 in 2013, according to estimates released Wednesday by New York State Comptroller Thomas P. DiNapoli. That includes cash for the current year and compensation deferred from prior years.
That is the third biggest bonus on record, says DiNapoli. The other two stand-out years: 2006, when workers gleaned $191,360 and 2007, when they gained $177,830.
THREATS: Record margin debt poses risk for bull market
Although profits were lower than in past years, Wall Street still had a healthy 2013, DiNapoli said in a statement.
Firms had to deal with costly legal settlements, higher interest rates and an evolving regulatory environment, yet “Wall Street continues to demonstrate resilience,” he says.
Wall Street, which had record losses during the financial crisis, has shown profits for five consecutive years, he says.
Profits for the broker/dealer operations of New York Stock Exchange member firms totaled $16.7 billion in 2013. That is 30% less than in 2012, he said in the statement, “but still strong by historical standards.”
The securities industry in New York City is reaping more dollars, but has fewer workers. It had about 165,200 workers in December, which is 12.6% less than before the financial crisis, which brought about massive layoffs as well as the demise of entire financial firms.