Salaries in New York City's securities industry fell for a second consecutive year in 2023 as profits retreated from highs reached during the pandemic.
The average salary was $471,370 including bonuses, according to New York State Comptroller Thomas DiNapoli's annual report.
The 5.2% drop on the prior year was largely due to smaller bonuses, which were $176,500 on average. The decline was starker when adjusted for inflation, which translated to an 8.7% decrease.
"After record years during the pandemic, Wall Street's profits were more in line with pre-pandemic levels in 2022 and 2023," DiNapoli said in a statement. "This year has been very strong so far and profits may continue their upward trajectory, to exceed 2023 levels and boost state and city tax revenues."
Still, the average salary remained the third highest on record. It was also the highest of any sector in the city and dwarfed the average private sector salary of $98,700, according to the report.
It also far exceeds the real median household income in the U.S. more broadly, which was $80,610 last year.
