Портал›Uncategorized›Salaries on Wall Street grew 5 times faster than incomes and wages in other areas in the US
Salaries on Wall Street grew 5 times faster than incomes and wages in other areas in the US
photo taken from open sources
In the United States over the past 25 years, the employees of banking and financial institutions have increased their profits more than doubled. Over the past 25 years (1990 to 2014), the US financial sector salaries of employees grew by 117%, and in other areas of profit growth in the country amounted to 21% — from the data the US Bureau of Labor Statistics. In 2014, the average income of the banker / broker in the US was equal to 264 thousand dollars. With 5.2 times more than it was in the same year in the fields of other activities — 51 thousand dollars. Especially, in New York, where the income of an employee of the New York bank or corporation from the financial sector exceeded 404,000 dollars in 2014 (5.6 times more than the average income of an employee of the company other industry — 72 thousand dollars). Even taking into account the significant reduction in bonuses paid to bankers and brokers (in 2006 reduced to one-third), the difference in profits financiers and employees of other companies was greater than it was in the days of strengthening the movement Occupy Wall Street. Experts and analysts said that this fact is now trying to use all the main participants in passing the US election campaign. «The issue of wage differentials as the greatest response causing voters put at the forefront in the programs of Donald Trump and Bernie Sanders,» — says John Challenger, head of Challenger, Gray & Christmas. But representatives of the financial industry claim that any reduction in salaries prevent the banks to immediately hire the best talent and really uniquely reduce the attractiveness of their jobs for graduates, for example, of Harvard University, who are increasingly looking for a job in Silicon Valley, and do not go to the Wall Street. This is indicated by data which is showing that over the last 5 years the share of Harvard graduates who decided to work in the financial sector fell — from 10% to 5%. «Business School graduates do not want to deal with finances. They want to do something else. We are already below the equilibrium point, and if wages will not grow, the industry will not be able to obtain the necessary talents that will make it less competitive, «- says Alan Johnson, managing director of Johnson Associates.
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