Job cuts have hammered Wall Street, but the bankers who earn the most are doing just fine

Stephen schwarzmann
Stephen Schwarzman, CEO and founder of The Blackstone Group Getty Images / Alexander Hassenstein

There aren’t as many jobs on Wall Street as there once were.

But the most talented bankers and traders in the business are doing better than ever before.

There are more high-paying jobs for them than even in the years leading up to the financial crisis, according to a report.

Average pay on Wall Street is down.

A report from Partnership for New York City says mean industry pay is down nearly 20% post-crisis.

But a closer look at the data shows who is being hit by the cuts. It’s not the upper crust of Wall Street. Pay on Wall Street has rebounded, for them.

According to a survey conducted by Partnership for New York City, Wall Street professionals making less than $US75,000 annually saw more jobs cut on average than any other group of finance pros. That’s comparing data gathered from 2005 to 2007 to data from 2011 to 2013. It is notable that, during that time more teller jobs were phased out of big banks.

Meanwhile, Wall Street professionals earning in the $US150,000 to $US300,000 range have seen their ranks grow post-crisis. There are 20% more jobs available to them, according to the survey.

The majority of the jobs cuts on Wall Street have been focused on the employees who earn the least.

Here’s the chart:

Partnership for New York City data
Job cuts on Wall Street were not evenly distributed, according to survey data. Partnership for New York City

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