The average Wall Street salary has risen to $422,500
While most Americans see stagnant wages, Wall Street workers are receiving a nice pay raise.
In a report released Monday, New York State Comptroller Thomas P. DiNapoli detailed that the average Wall Street salary increased 13 percent in 2017, to $422,500. This is the highest pay increase the New York City securities industry has seen since the 2008 financial crisis. The pay increase for the average worker, meanwhile, hovers around zero.
Almost 200,000 people in New York hold securities jobs. They have the highest average pay of any occupation in New York City, CNBC reports.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"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," said DiNapoli. "The industry is on track for another good year absent a major setback later in the year."
Wall Street recorded $24.5 billion in pre-tax profits in 2017. Projections look good again this year, with Wall Street already earning $13.7 billion in the first half of 2018 — an 11 percent increase from the same period last year, per Bloomberg. Read more from the report here.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Amari Pollard is the social media editor at The Week and has written for Reader's Digest, Parents, and Inside Lacrosse. She studied journalism at Le Moyne College and can usually be found exploring Brooklyn, thrift shopping, or spending way too much money on brunch.
-
The rise of runcationsThe Week Recommends Lace up your running shoes and hit the trails on your next holiday
-
Amorim follows Maresca out of Premier League after ‘awful’ seasonIn the Spotlight Manchester United head coach sacked after dismal results and outburst against leadership, echoing comments by Chelsea boss when he quit last week
-
‘Jumping genes': How polar bears are rewiring their DNA to survive the warming ArcticUnder the radar The species is adapting to warmer temperatures
-
TikTok secures deal to remain in USSpeed Read ByteDance will form a US version of the popular video-sharing platform
-
Unemployment rate ticks up amid fall job lossesSpeed Read Data released by the Commerce Department indicates ‘one of the weakest American labor markets in years’
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
