Business Standard

Wall Street employees set to get $146 bn

Related News

Major and securities firms are moving towards paying their a record sum of about $145 billion in for 2009, despite facing public ire over exorbitant executive pay packets.

According to an analysis by The Wall Street Journal (WSJ), employees at 38 top financial companies in the country can expect to "earn nearly 18 per cent more than they did in 2008 and slightly more than in the record year of 2007."

"This year major US banks and securities firms are poised to pay their employees a record amount in compensation and benefits — about $145.85 billion," according to WSJ's analysis.

The conclusions are based on an examination of securities filings for the first nine months of 2009 and revenue estimates through year-end.

The rapid comeback of pay on the Wall Street, which would be on display as firms report fourth-quarter results, has exposed the industry to a broadening mix of proposed crackdowns, including a 10-year $90 billion bank tax about which President Barack Obama gave details yesterday.

The report noted that the surge in comes barely a year after the government bailed out the US financial system from the worst economic crisis in generations.

The analysis include banking giants JP Morgan, Bank of America and Citigroup, and securities firms such as Goldman Sachs and Morgan Stanley among others.

Read more on:   
|
|
|
|

Read More

Going out of Citi Suvidha? Keep higher balance

Citi India’s ‘Suvidha’ salary account holders will need to maintain a monthly net relationship value of Rs 1 lakh if their salary is no longer ...

Quick Links

More news from Finance Rss icon

SKS Microfinance completes Rs 316 crore securitisation

SKS Microfinance, the only listed microfinance company in the country, has completed its first securitisation transaction of Rs 316.25 crore in ...

RBI advisor says rate cut may be possible in March

"Real interest-rates are becoming more and more positive, which would be severely disinflationary, and that means we have to cut rates," said ...

Rajan gets his way on RBI's restructuring plan

RBI conducts interviews for first lateral hire for CGM post; deputy governors to head four distinct verticals

Back to Top