BUSINESS

Wall Street Bonuses Rise 2 Percent Even As Profits Fall

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., smiles during a discussion at the Council on Foreign Relations
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., smiles during a discussion at the Council on Foreign Relations in Washington, D.C., U.S., on Wednesday, Oct. 10, 2012. Dimon said bond markets would spurn U.S. debt if lawmakers fail to reach an agreement to address the nation's deficit. Photographer: Andrew Harrer/Bloomberg via Getty Images

NEW YORK, March 11 (Reuters) - The average bonus on Wall Street rose 2 percent last year to $172,860, even as pre-tax profits at the broker-dealer operations of NYSE member firms fell 4.5 percent to $16 billion, New York state's budget watchdog said on Wednesday.

"Industry profits were lower because of weakness in fixed income and commodities trading, higher capital reserve requirements and the continued cost of legal settlements," said the report by New York state comptroller Thomas DiNapoli. (Reporting by Edward Krudy; Editing by Leslie Adler)