New York State Comptroller Thomas DiNapoli has estimated that this year’s reduction in Wall Street bonuses—a result of the recent turmoil in the financial services sector—could rival the 50% fall incurred after the terrorist attacks of September 11, 2001.

The comptroller said the bonus pool last year was $33.2bn (€23.6bn), so a 50% decline would drop bonuses to the 2003 level of $16bn.