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December 13, 2001
Wall Street Bonuses Drop Sharply
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uses on Wall Street this year are expected to be down more than 30 percent from last year's record high, according to projections made by New York State Comptroller H. Carl McCall.

McCall forecasts that Wall Street firms will pay out $10 billion in bonuses this year. For the 165,000 securities industry employees in New York City, that works out to an average bonus of $60,000.

Last year, $14.3 billion were paid to 178,000 employees, working out to an average bonus of $74,000.

"With employment and profits on Wall Street down, we're going to see fewer employees taking home smaller bonuses," McCall said. "But a $60,000 bonus is still considerably more than what many people take home in salary in a year. And from a historical perspective, this will still end up being a good year for Wall Street. It's just that after the kinds of performances we've seen in the recent past, anything short of a record-breaking year is a disappointment."

According to McCall, the average annual salary of someone working in New York City outside of the securities industry is $45,000.

To visit the New York state comptroller's Web site, click here.

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