During the financial crisis, Wall Street banks were under tremendous pressure to avoid large payouts to employees, while they were also accepting bailout money from taxpayers. 

Large cash payments were replaced with company stock that couldn't be sold for several years. It served two purposes: It shielded banks from criticism and forced employees to be invested in the long-term success of the companies.

Today, the banks have recovered from their recession lows and their stock prices have soared. And now, employees who received stock are at the end of the waiting period to sell and those shares are now worth millions. As Aaron Elstein, senior reporter for Crain's New York Business tells WNYC, it’s good news for bankers and potentially, great news for the state. New York gets almost 20 percent of its tax revenue from Wall Street. The capital gains on these bonuses will be a huge shot in the arm to state and city finances. And a lot of that extra cash will make its way into restaurants, shops and other local retail, boosting those businesses and generating more and more economic activity. 

But Elstein cautions, Wall Street should enjoy it while it lasts, because it’s unlikely that the market will charge forward at the same pace in the future.