Oh sure, total compensation was up on average but cash bonuses took a nice hit. Want to explain to Lloyd Blankfein et al how they're supposed to strip naked and roll around in a bunch of company stock?
The average New York City bonus declined by 9% last year, as banks and brokerages added workers and set aside less money for year-end payouts, according to a report released this afternoon by the office of the New York State Comptroller.
In total, Manhattan banks and brokerages handed out $20.8 billion in bonus payments for 2010, an 8% decline, according to the report. The average cash bonus on Wall Street fell to $128,530. That would mean the average cash payout in 2009 was $141,242, according to our calculations.
Comptroller Thomas P. DiNapoli said the drop in bonuses was driven regulatory reforms, specifically a greater share of compensation paid in salary or deferred. Total compensation actually increased by 6%, according to the report.