We know you’ve all heard the tale about the death of Wall Street. As it turns out, that tale exagerates the economic damage done to New York City’s financial centre. A new study shows that Wall Street is now the best-paid major global financial centre, displacing London from the top slot.
“A U.S.-based quantitative analyst managing director in interest-rate derivatives, for example, earned on average salary and bonuses worth £530,000 ($785,884), compared with £380,000 for a U.K.-based counterpart,” the Wall Street Journal reports.
The worst hit sector was quants and structured credit. The least effected: private bankers, especially Swiss bankers.