Is This How You Reward Success? Wall Street Profits Are Down, But Bonuses Are Up

While workers across the country push to raise the minimum wage, the bankers on Wall Street are getting a 15 percent increase on their already hefty bonuses.

If that isn’t ridiculous enough, it seems that profits on Wall Street are actually down. According to the New York Times:

On Wall Street, profits are down and the number of workers is shrinking.

But bonuses continue to grow larger.

Cash bonuses paid to Wall Street employees in New York City rose 15 percent on average last year, to $164,530, according to estimates released on Wednesday by Thomas P. DiNapoli, the state comptroller. That was the biggest average bonus since 2007, the year before the financial crisis struck.

Over all, workers in the financial industry in the city made an estimated $26.7 billion in bonuses last year, a number that, again, was the highest level since the crisis.

So, raising the minimum wage to a little over $10 an hour will negatively affect the economy, but widening the gap between the haves and the have-nots won’t?

Photo courtesy of eneas on Flickr.

Tags: , ,