Wednesday, April 4, 2012
Here’s How Much Wall Street Salaries Rose Last Year
Nice work if you can get it. The good people at Bloomberg say most Wall Street employees got higher salaries in 2011, with the biggest bumps going to those at boutique banks and alternative asset managers, according to a survey by eFinancialCareers.com.
The online survey of 2,860 financial professionals found that 54% received salary increases—excluding bonus—and 40% reported no change from 2010, according to a description of the survey's findings. Workers at so-called bulge-bracket banks got an average increase of 3%, compared with a 14% gain for people at boutique banks and a 13% raise for those at fund managers.
When year-end bonuses were included, average pay last year fell for workers at companies including Goldman Sachs Group Inc. and JPMorgan Chase & Co.'s investment bank, amid declining revenue. As year-end bonuses dropped, some banks raised base salaries that in past years contributed just a fraction of pay for senior employees…
Read more: http://www.crainsnewyork.com/article/20120404/FINANCE/120409965#ixzz1r5PH2xbz