Wall Street Bonuses Drop by Almost Half

A report released today finds a huge drop in Wall Street bonuses last year.

According to an estimate being released by State Comptroller Thomas DiNapoli, the bonus pool on Wall Street dropped from $32.9 billion in 2007 to $18.4 billion in 2008 – a 44 percent decrease.

That's the largest drop on record in terms of absolute dollars and the largest percentage-wise in more than 30 years. The bonus pool was still the sixth largest on record.

The state comptroller says this will have a significant effect on the state's revenues. He says New York as a whole will lose nearly $1 billion in tax revenues and the city in particular will lose $275 million. Wall Street Bonuses usually fuel the Manhattan real estate market every year.