The New York State Comptroller’s office is out with its annual review of the state of Wall Street, so we’re picking through it for the interesting points.
And one point that’s always interesting about Wall Street is compensation. It’s no secret that the industry is being forced to rethink who it’s employing and how much they’re paid, but according to this report, Wall Streeters still making far, far more than the average New Yorker.
In fact, it’s a little over 5 times more, though that’s down from its peak (6.2x) in 2007.
From the report:
In 2011, the average salary in the securities industry was 5.3 times greater than the average in the rest of the private sector ($67,900). At its peak in 2007, the average securities industry salary was 6.2 times greater than in other industries. Over the past three decades, the gap has generally widened. In 1981, for example, the average salary in the securities industry was only twice as high as the average in the rest of the private sector.
The average salary in the securities industry in New York City remained substantially higher in 2011 than for the industry in the rest of New York State ($228,300) and in the rest of the nation ($161,800)…Nationally, the average salary in the securities industry reached a new record in 2011.
If that’s not dramatic enough for you, check out the chart below:
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