ChemistryEquipment: Wall Street cash bonuses down 8%

Thursday, February 24, 2011

Wall Street cash bonuses down 8%

There is a move towards deferred bonuses for Wall Street bankers

Cash bonuses for Wall Street bankers fell by 9% to an average $128,530 (£79,259) in 2010, according to New York state Comptroller Thomas DiNapoli.

"Cash bonuses are down, but that's not an indicator of a weakness on Wall Street," said Mr DiNapoli.

He also said financial reforms meant a shift toward more deferred compensation and higher base salaries.

And despite calls for restraint overall compensation, including stock awards, grew by 6% in 2010.

"The industry's greater emphasis on deferred compensation will hold down tax collections this year, but the state and the city will benefit in future years when taxes are paid on this deferred compensation," said Mr DiNapoli.

There was considerable outrage in the US last year when it was revealed that bankers cash bonuses rose by 17% in 2009, despite many financial institutions being bailed out by the taxpayer.

This article is from the BBC News website. � British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.