Article from CollegeJournal from the The Wall Street Journal, December 21, 2006.
Wall Street will pay a record $23.9 billion in bonuses this year after investment banks raked in profit from global expansion and demand for alternative investments such as hedge funds, according to an estimate released Tuesday by New York State Comptroller Alan Hevesi.
The bonus forecast is 17% higher than last year, Hevesi added. The average bonus this year will be $137,580, 15% up from 2005, he noted.
Bonuses will range from a few hundred dollars for support staff to tens of millions of dollars for key executives, Hevesi said. Last week, Morgan Stanley Chief Executive John Mack got a bonus of almost $40 million.
"The securities industry had another great year in 2006, with some of the largest firms having their best year ever. This translates into record year-end bonuses and great news for the region's economy," Hevesi said in a statement.
Total annual wages in the securities industry grew by an estimated 49% since 2003, Hevesi said. See history of Wall Street bonuses (12KB)...