Wall Street salaries are at their highest since the 2008 financial crisis, as new report shows securities industry profits on pace to beat 2017
A report issued on Monday by New York state Comptroller Thomas DiNapoli showed the average salary in the city’s securities industry in 2017 was $422,500
That’s the highest Wall Street salaries have been since the 2008 financial crisis
The disparity between average salaries in the city’s securities industry and the rest of the private sector are at a ratio of 5.5:1 for 2017 (highest was 6:1 in 2007)
Men hold more than two-thirds of the total securities industry jobs in the city
Separately, two-thirds of jobs in the securities industry are held by white people
Securities industry performance is traditionally measured by pre-tax profits of the broker/dealer operations of New York Stock Exchange (NYSE) member firms
Wall Street posted $24.5 billion in 2017 pre-tax profits, up 42 percent from 2016
By STEPHANIE HANEY
DAILYMAIL.COM
17 September 2018
Salaries on Wall Street rose last year to their highest level since the 2008 financial crisis, according to a report issued on Monday by New York state Comptroller Thomas DiNapoli.
The report puts the average salary in New York City’s securities industry in 2017 at $422,500, a 13 percent from the previous year, and the highest since 2008.
‘Wall Street has profited every year since the end of the recession in 2009, and compensation last year reached its highest point since the financial crisis,’ DiNapoli said in a statement released with the report.
‘The momentum from last year’s dramatic rise in profits has carried into 2018 and the industry is on track for another good year absent a setback later in the year.’
DiNapoli’s report found that there are now about 120 firms operating broker-dealer operations on the New York Stock Exchange. There were more than 200 before the financial crisis.
Nearly 200,000 people are employed in the securities industry in New York, more than in any other state, and securities jobs have the highest average pay of any occupation in the city.
Income from securities positions accounts for 21 percent of all private-sector wages in the city, but those positions but make up less than 5 percent of all private-sector jobs.
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