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Today's Top News
Wall Street Pay at Near Record Levels
Analysis from New York State Comptroller shows Wall Street compensation "among the highest on record"
The pay on Wall Street is at record highs, according to an analysis (pdf) released Tuesday from the New York State Comptroller.
"The total amount of wages (including bonuses) paid to securities industry employees located in New York City grew by 4 percent in 2011 to reach $60.7 billion, which is the highest level since the financial crisis and among the highest on record," states the report from Comptroller Thomas DiNapoli.
The financial industry is "still grappling with the fallout from the financial crisis," and has reported a net loss of 20,200 jobs since November of 2007, the report states.
But, as the New York Times explains, "there persists a view on Wall Street that profits can’t come simply by holding the line on costs — big pay is still needed to lure talent from other firms;" therefore, firms are cutting jobs rather than compensation.