Wall Street salaries increase in 2005

18 October 2006

New York's Wall Street bankers received an average salary of nearly $300,000 each last year, a new study has revealed.

On average, bankers took home an annual pay check of $289,664 according to the research conducted by New York State Comptroller Alan Hevesi, with the most highly paid in the US's banking sector apparently receiving pay packets in the tens of millions.

This marked an increase in average salary of nearly 12 per cent compared with 2004, thanks largely to the record profits experienced by many banks, fuelled by a buoyant trading and merger advisory business.

The amount paid out in bonuses also increased, with the total payout for 2005 estimated at around $21.5 billion – the equivalent of $125,500 per employee.

The Wall Street average is over five times that of New York as a whole, where a typical salary is closer to $57,000.

Mr Hevesi's report also said that although the securities industry comprised just 4.7 per cent of citywide employment, it accounted for more than 20 per cent of its wages.

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