Average Wall Street paycheck nears $300,000

[Herman Munster]

http://today.reuters.com/news/articleinvesting.aspx?type=marketsNews&storyID=2006-10-17T180828Z_01_N17238870_RTRIDST_0_FINANCIAL-WALLSTREET-PAY.XML

NEW YORK, Oct 17 (Reuters) - Wall Street workers took home nearly $300,000 on average last year as profits from trading and merger advising fueled record earnings, New York State Comptroller Alan Hevesi said.

Wall Street compensation averaged $289,664 per person, 5.1 times the average $56,634 for workers citywide, the comptroller said in a study released Tuesday. The highest-paid bankers and traders can command eight-figure pay packages.

Bonuses totaled a record $21.5 billion, or $125,500 per person. The securities industry paid out $48.8 billion, while generating $2.1 billion of taxes for the city, Hevesi said.

Wall Street compensation increased 21.9 percent in 2004 and another 11.8 percent in 2005, Hevesi said. The securities industry accounts for 4.7 percent of citywide employment, but 20.6 percent of its wages.

[mark414]

1. die yuppie scum

the economy sure is booming, for THEM

[orleans]

2. damn! am i ever in the wrong fucking business. n/t

[Herman Munster]

3. it's not as glamorous as it sounds

First of all, this is manhattan we are talking about. Half of all this is gone in state, local, and federal taxes. So really you are talking about $150,000 net in Manhattan to spend. Also, you sell your soul to make this kind of money. Investment Bankers work 80-120 hours a week.