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.
|I work 4 jobs and I'm still struggling|
|"The Hobbit" dispute sparks lawsuit|
|Premarkets: Stocks' disappointing December continues|
|Don't fight it. Bitcoin has a bright future|
|Will the market actually cheer Fed tapering?|
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.45%||4.52%|
|15 yr fixed||3.47%||3.55%|
|30 yr refi||4.44%||4.51%|
|15 yr refi||3.46%||3.54%|
Today's featured rates: