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Wall Street bonuses surged to a record-high $47.5 billion for 2024

In New York’s financial district, 2024 was yet another year when money never slept.

3/27/25 9:19AM

Those of you that have just received your annual company bonus will be pleased to hear that this payout season was a particularly happy one for NYC’s high-flying securities industry execs, marking another big win for some of America’s biggest earners.

Bloomberg reported new estimates from New York State Comptroller Thomas DiNapoli on Wednesday, which showed that Wall Street’s bonus pot ballooned in 2024, totaling a record $47.5 billion — the largest it’s been in nominal dollars since at least 1987, when records began.

The estimates, based on trends in personal income tax withholdings, suggest that the average annual cash payout was a record-high $244,700, up by almost a third from 2023... though, when adjusted for inflation, the $191,400 bonus paid out in 2006 would be worth over $307,000 today, according to CNN.

Wall Street bonuses hit record high 2024 — Sherwood News

These bumper bonuses come after Wall Street's very strong performance in 2024, with profits at the 131 New York Stock Exchange member firms surging more than 90% last year. Despite the fact that New York now makes up a smaller share of America’s securities industry overall, DiNapoli reported that 1 in 11 jobs in the city are estimated to be tied to securities, either directly or indirectly.

Rich people getting richer aside, DiNapoli outlined in a statement that the bonuses indicate the strength of the financial market, calling it “good news for New York’s economy and [its] fiscal position, which relies on the tax revenue it generates.”

Per Bloomberg, Wall Street accounted for 19% of New York’s state tax revenue from 2023-24.

Jon Keegan

22h

Draft Senate bill gives AI companies a two-year pass on federal regulation, Bloomberg reports

Bloomberg reports that a draft bill from Senator Ted Cruz would give AI companies a two-year pass from any federal regulation when they apply to be part of a White House-controlled “regulatory sandbox.” Such a regulatory framework frees participating companies from federal agency oversight while simultaneously handing President Trump broad powers to shape a still nascent and increasingly powerful industry.

The draft bill allows companies approved for the waiver to request renewals for up to eight years, according to the report.

The fast-moving generative-AI boom that took the tech world by storm was kicked off by the release of OpenAI’s ChatGPT less than three years ago. A potential decade free of federal regulations would be a huge win for companies like Meta, Google, OpenAI, and Amazon.

In July, the US Senate voted 99-1 to kill a planned provision from President Trump’s massive tax bill that would have prevented any state from regulating AI for 10 years.

Draft Senate Bill Waives Federal Rules on AI Companies During Testing

In July, the US Senate voted 99-1 to kill a planned provision from President Trump’s massive tax bill that would have prevented any state from regulating AI for 10 years.

Rani Molla

9/2/25

Google soars on court ruling that doesn’t force the search giant to sell Chrome

Google has $26 billion in deals with companies like Samsung and Apple.

Max Knoblauch

8/21/25

Hertz falls, erasing its Amazon bump, as Congress looks into its AI damage scanners

Hertz shares are trading down more than 5% on Thursday.

Max Knoblauch

8/20/25

Airbus faces a 10-day strike from UK workers, mirroring Boeing’s labor strife

Thousands of UK union Airbus workers plan to strike for 10 days in September amid a contract dispute.

The union workers build wings for Airbus’ commercial jets, threatening a production slowdown for the European plane maker.

As Airbus’ labor tension builds, rival Boeing’s has already boiled over: earlier this month, more than 3,000 Boeing workers who build military aircraft started a strike that remains ongoing. The action came less than a year after the company faced a two-month stoppage from a machinist strike.

Airbus, for now, says it doesn’t see the strikes affecting full-year deliveries.

Airbus UK workers to strike for 10 days over pay

Airbus, for now, says it doesn’t see the strikes affecting full-year deliveries.

Rani Molla

8/20/25

Elon Musk’s political party isn’t happening, as Tesla CEO gives up on the “America Party”

In July, Tesla CEO Elon Musk announced his own political party, the America Party — a move intended to “give you back your freedom.” What it did at the time was invoke the wrath of President Donald Trump and send the stock down.

A month and a half later, The Wall Street Journal is reporting that Musk is “pumping the brakes” on his third party.

According to the Journal, “Musk has told allies that he wants to focus his attention on his companies and is reluctant to alienate powerful Republicans by starting a third party that could siphon off GOP voters.” He also wants to maintain ties with Vice President JD Vance, the presumptive Republican presidential candidate for 2028.

What happened?

For one, earlier this month Tesla’s board approved a roughly $30 billion interim pay package that Musk will only realize if he remains at the company for two years.

The stock isn’t moving on the news so far, but investors and analysts typically see Musk’s focus on his public company as a good thing.

Exclusive | Elon Musk Pledged to Start a Political Party. He Is Already Pumping the Brakes.