March 19, 2017 1:00 AM
Wall Street bankers get bonus boost
NEW YORK – The average Wall Street banker bonus came to slightly more than $138,000 in 2016, according to data from the New York State Comptroller’s Office.
The major banks set aside $23.9 billion for bonuses in 2016, or $138,210 per worker, up 2 percent from a year earlier. Bonuses remain well below than the levels they were in their heydays before the financial crisis, when the average bonus reached as high as $191,360 in 2006.
While most Wall Street bankers make a salary, the vast majority of their compensation comes in the form of annual bonuses that reflect how the firm did that year, plus the worker’s contribution. Some bonuses can be as small as a few thousand dollars for low-level support staff, while high-profile traders and investment bankers can bring in bonuses in the tens of millions of dollars.
Roughly 177,000 people were employed by Wall Street securities and brokerage firms in 2016, according to the Comptroller’s office, the highest level of employment since 2008. Industrywide profits in New York State were $17.3 billion, the highest annual profit for the industry in New York state since 2012.
Bigger profits for the industry are typically good for New York, since the state is heavily reliant on Wall Street profits for tax revenue.
Toyota to make big investment in UK
Toyota says it will invest $294 million in the U.K. despite the economic uncertainty surrounding the country’s departure from the European Union.
The Japanese carmaker says that although the investment shows confidence in Britain, access to the European market that is “predictable and uncomplicated will be vital for future success.”
Toyota will upgrade its plant in Burnaston, about 135 miles northwest of London.
Carmakers in the U.K. are under intense pressure as the country prepares to start negotiations on its future relationship with the EU this month. The automotive industry is particularly concerned about the potential loss of access to the EU market of 500 million people.
Canada Goose plans pricey IPO
Canada Goose Holdings, the maker of $900 parkas worn by celebrities including Toronto rapper Drake and Blue Jays slugger Jose Bautista, is going public with a richer valuation than any other luxury retailer in the world.
The Toronto retailer raised $256 million ($340 million Canadian) in its initial public offering, pricing the shares at 17 Canadian dollars each, above the marketed range of 14-16 Canadian dollars a share, according to a statement last week.
At the IPO price, the company has a market value of about 1.82 billion Canadian dollars.