Today, New York’s Office of the Comptroller put out its annual Wall Street compensation report for 2012.It’s an important report because it gives the state and city and understanding of what kind of tax revenue they can expect from some of the city’s highest earners.
Think of it this way: In 2011, the securities industry accounted for 23 per cent of all private sector wages paid in New York City.
That’s a huge chunk, and that makes sense, as Wall Streeters are paid an average salary of $362,900 including bonuses. That’s higher than any other industry in the state.
How much higher?
“The disparity between the average salary in the securities industry and the rest of New York City’s private sector narrowed slightly in 2011, but it remained wide, at 5.3 times more than the rest of the private sector ($67,900),” said the report.
Bottom line: Wall Street jobs are hard to get, but they’re good work if you can get them.
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