9 Finance Monthly. The Mon t h l y Round -Up According to the New York State comptroller, the average bonus on Wall Street jumped 20% last year to the highest level since 2006. In 2021, the average payout for New York securities workers was $257,500 as deal-making and trading activity by big banks hit record levels amid surging global stock markets. New York State Comptroller Thomas DiNapoli called the higher than expected figures “welcome news.” In 2021, Wall Street contributed approximately 18% of all the taxes collected in New York. This is expected to help New York City trump its projections for income tax revenue. “We have an April 1 budget deadline for the state, and this is welcome news,” DiNapoli said. “It gives them a little bit more breathing room.” Several factors are expected to impact Wall Street bonuses this year, including record-high inflation, ongoing post-pandemic recovery, and the economic fallout from Russia’s attack on Ukraine. Presently, New York City and the state are estimating that incentive compensation packages for securities industry workers in 2022 will drop by an average of 16%. Wall Street Bonuses Hit Highest Level Since 2006 According to CNBC, the UK Government will soon reveal plans to regulate the cryptocurrency market, with particular focus given to stablecoins — digital assets that obtain their value from existing currencies such as the US dollar. Chancellor of the Exchequer Rishi Sunak is expected to make an announcement in a matter of weeks about a new regulatory regime for cryptocurrencies. While details of the plans are still in the works, sources who spoke to CNBC say the plans are likely to be favourable to the industry and will provide the sector with increased legal clarity. Treasury officials have reportedly shown a readiness to comprehend the complex nature of the crypto market and stablecoins, with the department having held discussions with several firms and trade groups. The move by the Treasury is largely being viewed as a response to US President Joe Biden’s new executive order calling for coordination from various federal agencies on regulatory cryptocurrencies. Experts have described the White House’s move as “long overdue” and “extremely positive.” UK to Reveal Crypto Regulation Plans in Coming Weeks
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