Investing.com -- Average bonuses for Wall Street executives increased by roughly 2% last year, while the securities industry added more than 2,000 jobs in New York City in 2014, according to a report released on Wednesday by the Office of the New York State Comptroller.
The addition of 2,300 jobs in the security industry in New York City marked the first time the industry has reported an increase in jobs since 2011, New York comptroller Thomas DiNapoli said. Executive compensation in the securities industry in New York City, meanwhile, increased to $172,860 last year.
Significant regulatory reforms with the requirement of higher leverage ratios for banks and limitations of proprietary trading have enabled Wall Street to recover from the financial crisis, according to DiNapoli.
“The cost of legal settlements related to the 2008 financial crisis continues to be a drag on Wall Street profits, but the securities industry remains profitable and well-compensated even as it adjusts to regulatory changes,” DiNapoli said. “The resumption of job growth in the securities industry bodes well for the New York’s economy, but it remains to be seen whether this trend will be sustained.”
Revenues from the security industry represented 7% of all corporate tax revenues in New York City and 19% in New York State for 2014.