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Comptroller: Wall St. bonuses to rise to $20B

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ALBANY, N.Y. (AP) - New York's state comptroller says Wall Street cash bonuses for 2012 are expected to rise 8% to $20 billion, partly driven by deferred payments from prior years.

Comptroller Thomas DiNapoli (dee-NAP'-oh-lee) says his analysis shows the securities industry is still restructuring since the 2008 financial crisis, with almost 20,000 - or 10% - fewer jobs in New York City.

He says to expect continued downsizing.

DiNapoli says profits for broker/dealer operations of some 200 New York Stock Exchange members - the traditional measure of profitability for the securities industry - totaled nearly $24 billion last year, triple their 2011 earnings.

According to DiNapoli's report, other activities of the large bank holding companies were less profitable last year.

The average salary, including bonuses, rose slightly to almost $362,900 in 2011.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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