Tuesday, 9th February 2010

 

14 October 2009 - Press Briefing

Wall Street pay on course to hit record high of $140bn

Total pay and benefits at listed US banks and broker-dealers are poised to hit a record high of nearly $140bn (€94bn) this year, compared to last year's $117bn and the $130bn mark set in 2007, an analysis of securities filings for the first half of 2009 and revenue projections through year-end by The Wall Street Journal has shown.

This year, staff at the companies will receive almost $143,400 on average, up about $2,000 from 2007 levels. The analysis includes 23 leading US financial institutions - including JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, BlackRock, Franklin Resources, Charles Schwab, Ameritrade, CME Group and NYSE Euronext.

These firms' combined revenues are estimated to hit $437bn, exceeding 2007's $345bn, as per the study.

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Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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