Published on
Common Dreams

Wall Street Pay at Near Record Levels

Analysis from New York State Comptroller shows Wall Street compensation "among the highest on record"

Common Dreams staff

(photo: © 2010 Belinda Gallegos / 1199 SEIU via flickr)

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.


Something is Happening. People are Drawing Lines.
And We’ve Got It Covered.

But we can't do it without you. Please support our Winter Campaign.

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.

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do.

Share This Article

More in: