Tuesday, February 26, 2013

Happy Days Are Here Again! Wall Street Cash Bonuses Climb 8% to $20 Billion

Wall Street’s cash bonus pool rose 8 percent to $20 billion in 2012, according to projections New York state Comptroller Thomas DiNapoli told Bloomberg.  Employees took home an average cash bonus of almost $121,900 last year, DiNapoli, a 59-year-old Democrat, said today in a conference call with reporters.

JPMorgan Chase & Co. (JPM) reported its third straight year of record profit for 2012, and Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank by assets, said full-year net income rose 68 percent. Bank earnings have been buoyed by a surge in mortgage fees and gains in investments.

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