Wall Street bonuses rise 17 percent in 2017: report

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly

NEW YORK (Reuters) - The average Wall Street bonus rose 17 percent to $184,220 in 2017, according to a report released on Monday by New York state’s chief fiscal officer.

The securities industry averaged 176,900 jobs in New York City last year, down slightly after three straight years of gains.

Employment in the industry, a key component of the city’s economy, remains 6 percent smaller than before the financial crisis in 2007.

Profits for the broker-dealer operations of New York Stock Exchange member firms meanwhile jumped 42 percent to $24.5 billion, the highest level since 2010, driven by growth in wealth management fees, underwriting and M&A advisory fees, the report said.

“It is too soon to tell how increased volatility in the financial markets might impact profits in 2018,” New York state Comptroller Thomas DiNapoli said in the report.

The report is based on tax withholding data and does not include stock options or other forms of deferred compensation.

Reporting by Reade Levinson; Editing by Meredith Mazzilli