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☆ New York's viral new trash cans are the result of a $4 million project involving consultancy giant McKinsey
▼ + stars: | 2024-07-10 | by ( Nora Redmond | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. It isn't known exactly how many rats are in NYC, but a 2014 study suggested there were around two million, and a pest control firm in 2023 estimated there were close to three million rats in NYC. Adams said the program was part of his administration's "Trash Revolution," which aims to clean up the city's streets. A Sanitation Department official told New York Streetsblog at the time that the project was worth around $4 million. The Office of the New York State Comptroller shows that McKinsey has worked on at least 10 other projects with the state.

Persons: —, Eric Adams, Jessica Tisch, Gracie, Adams, Alicia Keys Organizations: Service, McKinsey, NYC Department of Sanitation, Business, McKinsey & Company, Sanitation Department, New York, New York Times, New York State Comptroller Locations: Manhattan, Barcelona, New York

☆ Top New York official asks Best Buy about its commitment to LGBTQ groups after conservative pressure
▼ + stars: | 2024-05-02 | by ( Matt Lavietes | Brooke Sopelsa | ) www.cnbc.com time to read: +8 min

The New York state comptroller sent a letter to Best Buy last week questioning whether the company changed its commitment to inclusivity and supporting LGBTQ groups. The comptroller's office manages the state's $207 billion public pension fund, which has invested in Best Buy. He also denied that the NCPPR pressured Best Buy to stop supporting LGBTQ groups in general. "This contentious and vast disagreement between radical gender theory activists and the general public has nothing to do with Best Buy selling electronics." Peck did not ask Best Buy to stop its donations to the HRC, saying in the email, "We understand that it's unrealistic for Best Buy to leave HRC in the near future because of their political clout."

Persons: Thomas DiNapoli, Corie, Barry, J, Patrick Doyle, DiNapoli, Scott Shepard, Shepard, Trevor, Carly Charlson, Charlson, Eric Bloem, Bloem, Ethan Peck, Peck, Marina Rizzo, hadn't, Rizzo Organizations: NBC News, Securities, Exchange Commission, National Center for Public Policy Research, Best, NBC, NCPPR's Free Enterprise, SAGE, GLAAD, Human Rights, SEC, NCPPR's Free Enterprise Institute, HRC, PRIDE Locations: York, States

☆ The average Wall Street bonus dipped 2% last year, to $176,500
▼ + stars: | 2024-03-19 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —Last year wasn’t the most lucrative for Wall Street bankers, but their bonus payouts still easily trounced US median household income. The average Wall Street bonus for 2023 was $176,500, according to estimates that will be released Tuesday morning by New York State Comptroller Thomas DiNapoli. Wall Street earnings last year were mixed, and merger and acquisition activity was underwhelming. Nevertheless, a little perspective: The average Wall Street bonus, which comes on top of the nearly half-a-million-dollar average Wall Street salary, was itself almost 2.5 times higher than the median US household income of $74,580, according to Census data for 2022. Beyond bringing in tax revenue for government coffers, Wall Street workers contribute substantially to the local Gotham economy.

Persons: Thomas DiNapoli, ” DiNapoli, DiNapoli Organizations: New, New York CNN, Wall Street, New York, Wall Locations: New York, New York State, New York City, Gotham

☆ Meet the typical American moving to — and leaving — New York
▼ + stars: | 2024-01-19 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

People moving to New York are younger, make slightly more, and rent more than those leaving. 545,600 people moved from New York between 2021 and 2022, while 301,500 people moved into New York. Advertisement"When I came into office, we had a clear agenda, and then we also not only executed on that, but we actually spent money and time in marketing the city outside of just Jersey City," Jersey City Mayor Steven Fulop told BI last September. The typical person moving to New YorkThose moving to New York tended to be younger than those moving away. Since many are moving to New York City, over 78% rented, and among the 22% of homeowners, the average home value was $671,900.

Persons: —, Xers, boomers, Steven Fulop, Jim, Ellen Diamond Organizations: Service, Survey, University of Minnesota's, Census, A New York, Bureau of Labor Statistics, New, New York, Hudson, Jersey City Locations: New York, New York . New York, Florida, New Jersey, New Jersey , Pennsylvania, California, A, York, New York State, New, Jersey City, Hoboken, Connecticut, Pennsylvania, Jersey, New York City, Manhattan

The pay bumps could help win over some employees who balked at smaller bonuses last year that they blamed on losses from the retail operations. The firm's allocation for bonuses fell by as much as 40% in 2022, according to another source, after earnings slid 48%. Wall Street pay varies widely based on performance and market conditions, and bonuses account for a large share of compensation - in some cases more than double an employee’s annual salary. Goldman was involved in several major transactions in recent months that spurred optimism about a nascent market recovery. WALL STREET BONUS SLIDEThe potential compensation gains contrast with expectations for a broader industry slide.

Persons: Goldman Sachs, Stephen Biggar, Goldman, David Solomon, hasn't, we're, We're, Julian Salisbury, Dina Powell McCormick, They've, Christopher Connors, WALL, Thomas DiNapoli, Sheffield, Banks, Natalie Machicao, Lananh Nguyen, Saeed Azhar, Megan Davies, Matthew Lewis Organizations: Argus Research, Wall, Goldman, Sixth, MSD Partners, Bloomberg, Natural Resources, Exxon Mobil, Arm Holdings, Johnson Associates, York, Sheffield Haworth, Thomson Locations: Biggar, Sheffield Haworth, New York

☆ Massive surge in the buying of Israel Bonds from the United States
▼ + stars: | 2023-11-08 | by ( Jason Gewirtz | ) www.cnbc.com time to read: +4 min

It also makes 2023 a record year for Israel Bonds. Two counties in Florida, Broward and Palm Beach, also bought Israel Bonds in the last four weeks, as did Ohio's Franklin County. A spokesperson for the bank called the sales part of "a more than 35 year relationship with Israel Bonds." Celal Gunes | Anadolu Agency | Getty ImagesExecutives at Israel Bonds said about $250 million of the total raised in the last month came from individual investors, large and small, throughout the United States, who purchased the bonds directly. Naveh, the CEO of Israel Bonds, lives in the town of Savyon, just east of Tel Aviv.

Persons: Jack Guez, Israel Bonds, Celal, Dani Naveh, Nir Elias, Thomas DiNapoli, Ilan Rosenberg Organizations: Development Corporation, Israel, Palestinian, Afp, Getty, Finance, Bonds, Israel Bond, Bank, Cleveland, Key Bank, of American University, Washington , D.C, Anadolu Agency, CNBC, Gaza, Reuters, Hamas, Gaza Ministry, Health, New York State, New York Locations: United States, Palestinian, Tel Aviv, Israel, Florida , New York , Alabama, Arizona , Ohio , Illinois , Texas, Georgia , Oklahoma , Nevada , Louisiana, South Carolina , Indiana, Pennsylvania, Florida , Broward, Palm, Franklin County, New Jersey, Gaza, Washington ,, Petah Tikva, Savyon, Kibbutz Be'eri

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Wells Fargo, which has reduced headcount for every quarter since the third quarter of 2020, said it still sees more opportunities for layoffs. Investment banking powerhouse Morgan Stanley also disclosed a near 2% drop in its total headcount on Wednesday, compared to the prior quarter. At the investment banks Goldman and Morgan Stanley expenses rose 18% and 5% in the quarter, compared to a year earlier. The bank in January dismissed 3,200 employees, its biggest round of layoffs since the 2008 financial crisis.

Persons: Brendan McDermid, Jeremy Barnum, Morgan Stanley, Wells Fargo, Thomas DiNapoli, Goldman Sachs, Denis Coleman, That's, Coleman, Manya Saini, Niket, Lananh Nguyen, David Evans Organizations: Wall, REUTERS, JPMorgan, PNC Financial, Citigroup, Bank of America, Investment, Banks, Citi, Goldman, BofA, PNC, New York, GOLDMAN, Reuters, Thomson Locations: New York, U.S, Wells Fargo, Wells, GOLDMAN SACHS BUCKS, headcount

☆ Wall St bonuses may drop 16% as higher rates threaten businesses - NY Comptroller
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsOct 12 (Reuters) - Wall Street bonuses could fall 16% this year as interest rates possibly staying higher for longer threatens the performance of financial companies, according to New York State Comptroller Thomas DiNapoli. The drop, however, would be less sharp than last year's 26% decline that shrank bonuses to $176,700 on average. While higher-for-longer rates could impede business activity, some experts have predicted the central bank would manage to guide the economy to a soft landing. Reporting by Niket Nishant in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Thomas DiNapoli, DiNapoli, Goldman Sachs, Morgan Stanley, Niket, Vinay Dwivedi Organizations: New York Stock, REUTERS, New York, Federal, Securities, Thomson Locations: Manhattan, New York City , New York, U.S, New York City, Bengaluru

☆ What Record Office Vacancies Mean for New York City’s Economy
▼ + stars: | 2023-05-05 | by ( Matthew Haag | ) www.nytimes.com time to read: +3 min

Why It Matters: Office buildings tell the story of New York City’s economy. Before the pandemic, office buildings drove a significant share of the city’s economy. Private-sector workers in office buildings make about double the average annual salary than everyone else, according to the New York State Comptroller, underscoring their significance to the city’s economy. Office buildings are vital to New York’s economy for another reason: Their property taxes supply a chunk of New York City’s annual revenue. As vacancies linger, New York City, as well as other municipalities, have floated the idea of converting some buildings into residences.

☆ The messy, high-stakes world of private equity's fossil-fuel dilemma
▼ + stars: | 2023-04-20 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Most major private-investment firms are working to cut down on emissions their portfolio companies send into the atmosphere. It's also set targets to get three-quarters of its majority-owned power-and-energy portfolio companies' emissions that they generate directly and indirectly covered by Paris-aligned climate goals by 2025. A growing number of private-equity firms' pension-fund limited partners are under pressure themselves to either invest around environmental, social, and governance matters or shun investing through those lenses altogether. Firms' plans with their upstream investments tend to draw the most attention because they're involved in drilling for new oil and gas. If you're a private-equity firm and you continue to make new upstream investments, I don't believe you have a Paris-aligned plan.

Some senior dealmakers at China's third-largest brokerage by market value will see an even steeper cut of two-thirds to their 2022 bonuses, said one of the people. The trend has accelerated as employers cut pay and perks in response to the government's "common prosperity" rhetoric. MILDER CUTSA senior investment banker in China could earn three million to 10 million yuan ($445,000 to $1.48 million) a year in total remuneration, excluding stock incentives, industry sources have said. By way of comparison, Wall Street bonuses fell 26% last year to average $176,700, versus a record 2021, showed a report last month from New York State Comptroller Thomas DiNapoli. Besides remuneration cuts, some investment banks have asked staff to avoid displays of wealth such as by uploading photographs to social media of expensive meals or overseas trips, industry sources said.

☆ Crisis jolts Wall Street bankers already resigned to tough job market
▼ + stars: | 2023-04-05 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +5 min

NEW YORK (Reuters) - Wall Street bankers face an increasingly gloomy job market after last month’s banking crisis worsened an already bleak outlook for pay and staffing. One likely consequence of the turmoil is that banks tighten their lending standards, which could further hinder dealmaking - making the prospects for jobs and compensation on Wall Street more gloomy. Now, financial industry workers are fretting not only about pay, but job security. The Wall Street giant typically cuts about 5% of its lowest-performing staff as part of the process. While there are plenty of reasons to be glum, Wall Street workers are enjoying one silver lining after the pandemic: greater flexibility in structuring their workday.

☆ Senators ask 27 CEOs to make sure their companies comply with child labor laws
▼ + stars: | 2023-04-05 | by ( Laura Strickler | ) www.cnbc.com time to read: +7 min

The company entered into an agreement with the agency pledging compliance with child labor laws and consented to third-party oversight. This is the second Senate inquiry citing NBC News reporting on child labor. JBS has zero tolerance for child labor, discrimination or unsafe working conditions for anyone working in our facilities. In a local newspaper editorial, Hearthside CEO Darlene Nicosia wrote the revelation of child labor was "a shock and major disappointment to us." Hearthside is in the midst of a 60-day independent review of child labor practices by an outside law firm, according to a spokesperson.

☆ Premarket stocks: The FDIC could ask big banks to clean up $23 billion mess
▼ + stars: | 2023-03-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

While regional and mid-sized banks are behind the recent turmoil, it appears that large banks may be footing the bill. Ultimately, that means higher fees for bank customers and lower rates on their savings accounts. The law also gives the FDIC the authority to decide which banks shoulder the brunt of that assessment fee. Passing it on: Regardless of who’s charged, the fees will eventually get passed on to bank customers in the end, said Isaac. In 2021, Wall Street was estimated to be responsible for 16% of all economic activity in the city.

☆ Wall Street Bonuses Fall by Most Since 2008
▼ + stars: | 2023-03-30 | by ( Alyssa Lukpat | ) www.wsj.com time to read: 1 min

Last year’s bonus pool was $33.7 billion, down from $42.7 billion the previous year, the comptroller’s office said. The average Wall Street bonus fell 26% last year, the biggest percentage drop since the financial crisis, as a slump in deal making cut into bankers’ compensation. Financial employees received average bonus checks of $176,000 last year, compared with a record high $240,000 a year earlier, the New York state comptroller’s office said in a report Thursday. The annual report measures bonuses paid to employees in New York’s securities industry and doesn’t include base salaries, stock options or other forms of deferred compensation.

☆ Wall Street bonuses fall to pre-pandemic levels, says New York state comptroller Thomas DiNapoli
▼ + stars: | 2023-03-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWall Street bonuses fall to pre-pandemic levels, says New York state comptroller Thomas DiNapoliThomas DiNapoli, New York state comptroller, joins 'Power Lunch' to discuss the impact of the fall of wall street bonuses on the economy.

☆ The average Wall Street bonus fell by 26% last year
▼ + stars: | 2023-03-30 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

New York CNN —The average annual Wall Street bonus fell to $176,700 last year, a 26% drop from the previous year’s average of $240,400, according to estimates released Thursday by New York State Comptroller Thomas DiNapoli. Rising interest rates, recession fears and Russia’s invasion of Ukraine hurt Wall Street firms’ bottom line. “A 26% decline brings the average bonus closer to what financial employees received prior to the pandemic,” DiNapoli said in a statement. In 2021, Wall Street was estimated to be responsible for 16% of all economic activity in the city. “While lower bonuses affect income tax revenues for the state and city, our economic recovery does not depend solely on Wall Street.

☆ Southwest Airlines CEO Bob Jordan takes responsibility for the company's holiday flight meltdown: 'It just can't happen again'
▼ + stars: | 2023-01-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Southwest Airlines CEO Bob Jordan took responsibility for the recent holiday chaos, saying this " just can't happen again." Shareholders filed a class action lawsuit on Thursday against Southwest over the flight disruptions. "I have put everything on the table here because it just can't happen again," Jordan told Reuters. Southwest has engaged consultancy Oliver Wyman to investigate the operational failures and has set up a new committee to review its operations, Jordan told Reuters. New York State Comptroller Thomas DiNapoli last Friday demanded to know how the carrier plans to prevent another operational meltdown.

☆ The New York state pension fund overseer has asked Southwest Airlines to explain how it plans to prevent future operational catastrophes, like the one over the holiday season
▼ + stars: | 2023-01-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

The New York State comptroller pressed Southwest Airlines to explain how it plans to avoid another operational meltdown. The carrier canceled more than 16,700 flights between December 21 and 31, amid the holiday travel season. The New York state pension fund is one of the top-100 largest investors in Southwest. A spokesperson for the comptroller's office told WSJ it's waiting for a response from Southwest, but had no immediate plans for action. The New York State Comptroller office and Southwest Airlines did not immediately respond to Insider's requests for comment sent outside regular business hours.

☆ New York state comptroller asks Southwest Air about plans to avoid future meltdowns
▼ + stars: | 2023-01-09 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +2 min

CHICAGO, Jan 9 (Reuters) - New York State's comptroller has written to Southwest Airlines Co (LUV.N), asking the carrier to explain how it plans to prevent an operational collapse like the one at the end of last year which stranded thousands of passengers. The comptroller's office oversees the state's pension system, which held 1.35 million shares of the Dallas-based company at the end of March 2022. DiNapoli asked the company to share its plan to "correct these failures - not just in the immediate term, but for the coming years." A Southwest spokesperson told Reuters earlier that the airline is focusing on improving its technology for scheduling crews. Reporting by Rajesh Kumar Singh in Chicago Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Proposal 1: New York will vote to put money toward climate change mitigation efforts
▼ + stars: | 2022-11-06 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +2 min

Proposal 1 would allow the state to sell $4.2 billion in bonds to address climate change. Proponents say that the proposal will allow New Yorkers to prepare for climate change. Opponents are critical of the fact that the state will go into more debt if the measure is approved. Ballot measure detailsProposal 1 would authorize the New York state comptroller to sell bonds to help fund initiatives that "preserve, enhance, and restore New York's natural resources and reduce the impact of climate change." Up to $1.5 billion would be set aside for climate change projects, such as green building projects, urban forestry efforts, and carbon and methane sequestration.

☆ Premarket stocks: Big Tech can't save your investments
▼ + stars: | 2022-10-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

But disappointing earnings from Big Tech stocks have the tendency to turn the broader market south thanks to their immense market value. Beyond determining market sentiment, tech earnings also offer important clues about where the economy is heading. In particular, sales growth in the cloud business – one of the company’s biggest bright spots in recent years – was lower than analysts had hoped. Its fiscal second-quarter forecast came in short of Wall Street estimates, sending shares down 8% on Wednesday. A slowing economy, geopolitical chaos and heightened inflation have all worked to dry up the number of IPOs and mergers and acquisitions made on Wall Street.

NEW YORK, Oct 25 (Reuters) - Wall Street bonuses in 2022 are expected to fall 22% or more from last year's bumper payouts, according to a report from New York State Comptroller Thomas DiNapoli, as tough economic conditions choked off demand for deals. Across Wall Street, investment-banking fees plunged from their 2021 records as the markets for mergers, acquisitions and initial public offerings dried up. Wall Street firms have set aside 6.5% less for compensation in the first half of 2022 as pretax profits halved to $13.5 billion, DiNapoli said. Wall Street workers remain an important force in New York City, accounting for 16% of its economic activity. The comptroller's annual report on 2022 Wall Street bonuses will be released in March.

☆ Wall Street bonuses expected to decline as dealmaking stalls - NY state comptroller
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

Oct 25 (Reuters) - Wall Street bonuses in 2022 are expected to fall from last year, according to a report from New York State Comptroller Thomas DiNapoli, as tough economic conditions pressured dealmaking and underwriting activity and weighed on staff payouts. New York City's latest economic forecast estimates bonuses to decline 22%, but they could fall even further, DiNapoli said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Niket Nishant in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

New York (CNN Business) The New York State Comptroller said Tuesday that several of New York City's fiscal challenges could result in a budget gap nearing $10 billion by 2026 — potentially affecting essential services in the future. Total revenue is expected to decline by $10.5 billion in fiscal year 2023, according to a new report titled "Review of the Financial Plan of the City of New York." The city's fiscal position "significantly improved" last year, the report added, but that was due to several one-time factors, including higher than expected tax revenue, extraordinary federal COVID relief aid, and record pension returns due to the stock market's gains. Many of those factors have begun to reverse, the comptroller said. New York City Mayor Eric Adams said during a press conference on Monday that the city is getting ready to "enter a financial typhoon."

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