The average salary on Wall Street increased last year by 13% to its highest level since the 2008 financial crisis.
Annual pay in New York City’s securities industry reached $US422,500 on average in 2017, said the report, which was released on Monday by the New York state comptroller Thomas DiNapoli.
Wall Street pay rose as profits in the industry grew by 42% to $US24.5 billion in 2017. In the first half of 2018, it reported a total profit of $US13.7 billion, up 11% compared with the same period a year earlier.
“The securities industry has been profitable every year since the recession ended in 2009, and salaries are higher than at any time since the financial crisis,”DiNapoli wrote in the report. “The industry is on track for another good year in 2018, barring unforeseen developments later in the year.”
Notably, the securities industry now has the highest average salary of any other major industry in New York City, with its salaries accounting for 21% of all private sector wages paid in the city in 2017.
Nationwide, the industry has added more than 90,000 jobs in the span of seven years. It’s set to add another 26,300 jobs in 2018, which would be the largest one year gain since 2007.
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