Wall Street bonuses slumped as new regulations pressured institutions to take on less risk for the second straight year. And New York State Comptroller Thomas DiNapoli implied 2016 would be a difficult year.
The average bonus given in the securities industry dropped to $146,000, down 9%. The bonus fund for employees working in the New York City slipped to $25 billion, down 6%. The state’s finance industry generated around 17.5% of the total tax revenue last year,
DiNapoli said recent job growths may not be sufficient given the initial weakness in the financial markets and escalating provisions for bad loans to firms in the energy sector.
Also, numerous banks have been slashing workforce in trading due to markets becoming more volatile.
The material has been provided by InstaForex Company – www.instaforex.com