Wall Street bonuses rise as jobs decline

wall street bonuses
Wall Street bonuses are on the rise, but fewer workers are sharing the wealth.

One upside to downsizing on Wall Street: Cash bonuses jumped 9% to nearly $121,900 last year.

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."

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However, fewer people are sharing the wealth. The industry -- dominated by firms like Goldman Sachs (GS), Morgan Stanley (MS), JPMorgan Chase (JPM) and Citigroup (C) -- 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.

Average salaries for the industry rose slightly from $362,900 in 2011. The comptroller didn't have the exact figure for for 2012.

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