Wall Street bonuses average $138,210
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.
While most Wall Street bankers make a salary, the vast majority of their compensation comes in the form of annual bonuses which reflect how the firm did that year, plus the worker’s contribution. 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.
EU approves AT&T purchase of Time Warner
The European Union has given its blessing to AT&T’s proposed $85 billion purchase of Time Warner, saying that it raises no competition concerns in Europe.
The EU’s executive Commission said Wednesday that there are no overlaps between the companies’ activities in the European Economic Area, which includes the 28-nation EU and three other countries.
It noted that while AT&T is active in global telecommunications and digital entertainment, it only provides telecommunications services to business customers in the EEA.
The deal still needs approval from U.S. regulators. It would bind the second-largest U.S. wireless carrier with a media and entertainment conglomerate that owns CNN, HBO, the “Harry Potter” franchise and pro basketball.
Retail spending up in February
Americans spent only slightly more last month at retail stores compared with January, a sign of consumer caution despite rising optimism about the economy.
The Commerce Department said Wednesday retail sales ticked up a seasonally adjusted 0.1 percent in February, after a much bigger gain of 0.6 percent the previous month. January’s gain was revised higher.
The figures suggest that strong job gains this year, near record-high stock prices and decent pay gains haven’t yet lifted spending. But last month’s sluggish pace could prove temporary.
Economists note that spending was likely held back by delays in tax refund payments. A new law has required tougher scrutiny of a tax credit claimed by lower-income taxpayers. Wal-Mart said last month that the delay had slowed sales at its stores in February.