Wall Street bonuses are on the rise, but fewer workers are sharing the wealth.
Total bonuses rose 8% to $20 billion, according to New York state Comptroller Thomas DiNapoli. That's a reversal from 2011, when bonuses fell 19%, to a revised tally of $18.5 billion.
Overall, bonuses are still short of levels during the height of the financial crisis in 2008 and 2009, when they totaled over $22 billion in each year. Average bonuses were also higher during those years, at about $140,000.
"Profit and bonuses rebounded in 2012, but the industry is still restructuring," said DiNapoli, in a press release.
Wall Street profits in 2012 didn't just rebound -- they tripled.
Broker/dealer operations in New York reported profits totaling $23.9 billion in 2012, compared to $7.7 billion in 2011. The comptroller described it as "among the most profitable years on record."
However, fewer people are sharing the wealth. The industry -- dominated by firms like Goldman Sachs (Fortune 500), , Morgan Stanley (Fortune 500), , JPMorgan Chase (Fortune 500) and , Citigroup (Fortune 500) -- has slimmed down since the financial crisis, which led to the bankruptcy of Lehman Brothers and the sell-off of Bear Stearns and Merrill Lynch. ,
There are 10% fewer jobs on Wall Street since 2008, the comptroller said, and fewer workers receiving bonuses.
|Delinquent IRS employees paid bonuses by the agency|
|Students cry foul over athletes unionizing|
|Is capitalism driving itself out of business?|
|Sandy Hook victim's grandfather launches smart gun campaign|
|Premarkets: Waiting for big tech earnings|
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.28%||4.26%|
|15 yr fixed||3.30%||3.30%|
|30 yr refi||4.32%||4.25%|
|15 yr refi||3.35%||3.29%|
Today's featured rates: