p****u
发帖数: 2596 | 1 While government prosecutors pursue lawsuits against JPMorgan (JPM) and
Wells Fargo (WFC) for "misconduct" in the mortgage market and Wall Street
firms complain about new regulations, compensation on the Street is rising.
New York State Comptroller Thomas DiNapoli reports that total compensation
at Wall Street firms rose 4 % last year to more than $60 billion—near pre-
crash levels—and the third highest level ever.
"This is an astounding chunk of change, $60 billion," says The Daily Ticker'
s Henry Blodget. It represents nearly half of all revenue earned by Wall
Street firms.
The average pay package of financial industry employees in New York State
was $362,950 in 2011, more than seven times the national median household
income of just over $50,000, which often reflects the pay of two working
adults.
One reason average pay on the Street has been rising is that less people are
working there. DiNapoli estimates that financial firms lost more than 20,
000 net jobs since late 2007, when the financial crisis began, and layoffs
are continuing. Goldman Sachs has 9% less people on payroll at the end of
the second quarter compared to a year ago. Bank of America had 4% less.
Another reason for the rise in compensation: Wall Street's dependence on its
top employees. "This is an industry where your talent is the industry,"
says The Daily Ticker's Aaron Task. "If people walk out the door, the
business is going to get hurt…. These companies make a lot of money and
they should pay their people a lot of money."
But they're paying them less cash now than before. Cash bonuses accounted
for about third of the average compensation on Wall Street last year but
were down 14%, from the previous year. And the pay of some top executives
including Goldman Sachs' Lloyd Blankfein are well before what they were
before the financial crisis.
DiNapoli says cash bonuses are likely to decline again, for the second
consecutive year, as firms use more long-term compensation and stock to
discourage the kind of risk-taking that led to the financial crisis. But
total compensation on Wall Street could rise if earnings continue to advance.
DiNapoli says Wall Street earnings totaled $10.5 billion in the first half
of the year and are on track to reach $15 billion for the full year—almost
double the $7.7 billion earned for all of 2011.
"It's really not so bad to be on Wall Street anymore," says The Daily Ticker
's Task.
"It's actually a great time to be working on Wall Street, "says Blodget. "
The most powerful, profitable industry in the United States right now and
around the world." | a*****k
发帖数: 704 | 2 how much is the average now? i guess i am below average? | G*********o
发帖数: 2045 | 3 average is significantly skewed, median makes more sense
【在 a*****k 的大作中提到】
: how much is the average now? i guess i am below average?
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