Corporate socialism thrives.
The industry’s bonuses are larger than the gross domestic products of Sri Lanka, Lebanon or Bulgaria. The average $201,500 bonus is more than four times the $48,201 median household income in the U.S. last year, according to U.S. Census Bureau statistics.
The size of the payouts is a concern given how badly the shares of most securities firms have performed this year, said Fitzpatrick of Johnson Asset Management.
“They’re paid very handsomely in good times because they’re supposed to take a hit in bad times,” Fitzpatrick said. “Performance has dwindled this year, and I think they should feel that.”