Wednesday, October 10, 2012
It still pays to be on Wall Street.
The financial industry in New York has slashed jobs by the thousands over the last two years. For those who remain, annual compensation in total is at near-record levels, according to a report released Tuesday by the New York State comptroller.
The report showed that total compensation on Wall Street last year rose 4 percent, to more than $60 billion. That was higher than any total except those in 2007 and 2008 — before the financial crisis fully took its toll on pay.
The average pay package of securities industry employees in New York State was $362,950, up 16.6 percent over the last two years.
Financial jobs accounted for nearly a quarter of all private sector wages paid in the city last year, even though they accounted for just a fraction, 5.3 percent, of the city’s private sector jobs. 
After posting a “disappointing” $7.7 billion in earnings last year, Wall Street in the first half of 2012 earned $10.5 billion, he said. The industry “is on pace” to earn more than $15 billion by the end of the year.
But even with some signs of improvement, Wall Street is rapidly shedding jobs. The austerity efforts have claimed 1,200 positions so far this year, according to the report. Mr. DiNapoli estimated that the industry lost more than 20,000 jobs since late 2007.

It still pays to be on Wall Street.

The financial industry in New York has slashed jobs by the thousands over the last two years. For those who remain, annual compensation in total is at near-record levels, according to a report released Tuesday by the New York State comptroller.

The report showed that total compensation on Wall Street last year rose 4 percent, to more than $60 billion. That was higher than any total except those in 2007 and 2008 — before the financial crisis fully took its toll on pay.

The average pay package of securities industry employees in New York State was $362,950, up 16.6 percent over the last two years.

Financial jobs accounted for nearly a quarter of all private sector wages paid in the city last year, even though they accounted for just a fraction, 5.3 percent, of the city’s private sector jobs. 

After posting a “disappointing” $7.7 billion in earnings last year, Wall Street in the first half of 2012 earned $10.5 billion, he said. The industry “is on pace” to earn more than $15 billion by the end of the year.

But even with some signs of improvement, Wall Street is rapidly shedding jobs. The austerity efforts have claimed 1,200 positions so far this year, according to the report. Mr. DiNapoli estimated that the industry lost more than 20,000 jobs since late 2007.

Notes

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