BALCONY - Business and Labor Coalition of New York
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DiNapoli: Wall Street Bonuses Fell 44% in 2008

January 29th, 2009

Securities Industry Losses Could Exceed $35 Billion

Audio Available

Cash bonuses paid by Wall Street firms to their New York City employees declined by 44 percent in 2008 in response to record losses suffered by the securities industry, according to an estimate released today by State Comptroller Thomas P. DiNapoli. DiNapoli noted that the federal Troubled Asset Relief Program (TARP), which infused billions of dollars into the financial system, helped prevent more institutions from failing. TARP placed restrictions on bonuses for top executives and many have voluntarily forgone bonuses, but it did not impose limitations for lower-level employees.

Read the complete press release: Bonuses