The average 2013 cash bonus on Wall Street jumped 15 percent and was the third largest on record
Even more! The estimate is not an exact view of 2013 bonuses because it reflects cash bonuses and deferred pay from which taxes have been withheld. The estimate does not include stock options or other forms of deferred compensation. Bonuses paid to employees outside New York City are not included in the estimate.
The average salary in the securities industry, not including bonuses, was $360,700 in 2012, the latest year for which data is available. (Might be higher in 2013!)
That was more than five times higher than the average $69,200 salary for other private sector jobs, the report said.
The $26.7 billion in bonuses Wall Street banks handed out in 2013 would be enough to more than double the pay for all 1,085,000 full-time U.S. minimum wage workers.
The Huffington Post reports
With $26.7 billion, we could:
1. Feed all Americans who live in food insecure households.
2. Buy school books for every college student in America this year.
3. Send 771,230 kids to college who could not afford it before.
4. Recover all the money the economy lost when Congress decided to shut down the government.
5. Cover 2013's Disaster Relief Fund more than four times.
6. Affordably house every homeless person in America.
7. Supply a shocking number of soup kitchen meals.
8. Cover prescription drug costs for 31.8 million American seniors.
9. Double proposed VA spending on major medical services for veterans next year.