“Wall Street is fattening its paychecks even as it slashes jobs.
The New York financial sector has been cutting employees in recent years. But those who have held on to their jobs brought home more money than they did two years ago. Their pay was close to pre-recession highs in 2007, according to a report from the New York State comptroller.
The average salary of financial industry employees in New York City rose to $362,950 in 2011. That’s a 16.6% increase from two years ago.
In the same period, the industry’s revenue fell by 22% as a result of weaker trading and investment banking activity.”
See: Wall Street pay back near pre-recession highs
Aaron Task and Henry Blodget discuss recent trends in this clip. Here is a direct link.
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