DiNapoli said Wall Street accounted for 19% of the state’s tax collections in the fiscal year that ended in 2024, and 7% of city tax revenue. The bonus spike was projected to generate $600 million more in state income tax revenue and $275 million more for New York City revenue when compared to 2023, according to his calculations.

Bonuses on Wall Street surged to record highs last year, nearly quadrupling the average annual salary in the U.S.

Wall Street banker bonuses rose 31.5% to an average $244,700 last year as dealmaking rebounded, but the boom times may wane as economic uncertainty rises, New York State Comptroller Thomas DiNapoli said on Wednesday.