Want a pay rise? Go and work on Wall Street. While US workers salaries have barely moved in the wake of the worst financial crisis since the 1920s, Wall Street bankers had pay rises of about 20%.
Floyd Norris at the New York Times says that the data released by the US Bureau of Labor Statistics shows that the average financial industry employee earned just over $100,000 in the first three months of the year, a figure that was up sharply from the same period of 2009. Mind you, that figure is low because the "average" financial industry employee includes bank tellers and trading desk clerks, not just investment bankers. Which tells us that the investment bankers are making an absolute fortune during the financial crisis.
The Wall Street Journal reports that investment banks will this year be paying $144 billion in compensation. By way of contrast, sase salary increases in the United States are projected to rise from 2.38% in 2010 to just 2.91% in 2011.
If they want to get more money, they know where to get a job.
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