Wall Street bonuses surged to their highest level on record in 2025, underscoring a profitable year for the financial sector even as headcount growth began to stall. The total bonus pool for New York City’s securities industry climbed 9% from 2024 to $49.2 billion, according to an annual estimate released by New York State Comptroller Thomas P. DiNapoli. The figure surpasses pre-pandemic peaks and approaches inflation-adjusted highs last seen in 2006.
“The securities industry had another strong year in 2025,” DiNapoli said. “When Wall Street does well, it’s good for our state and city budgets, which are reliant on the industry’s significant tax contributions. However, we are seeing slower job growth, and geopolitical conflicts have global repercussions that pose extraordinary risks for the short- and long-term outlook on the financial sector and for broader economic markets.”
Despite resilient profits, structural shifts are emerging. The average bonus rose 6% year-over-year to $246,900, buoyed by a 30% jump in industry profits to $65.1 billion. Robust trading, underwriting, and fee-based wealth management businesses carried performance even as dealmaking and IPO volumes remained below pre-2022 levels.
The Comptroller’s office estimated that the 2025 bonus haul will generate $199 million in additional state income tax revenue and $91 million more for the city. Still, DiNapoli cautioned that receipts “may fall short of expectations” given deferred payments and timing effects within the fiscal year.
Employment across New York’s securities firms slipped to 198,200 from a 30-year high of 201,500 in 2024, though revisions are expected. The industry now employs roughly one in 23 private‑sector workers in the city, continuing to wield outsized influence over tax revenues and local economic health—even in a slower hiring environment.
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