“It still pays to be on Wall Street.
The financial industry in New York has slashed jobs by the thousands over the last two years. For those who remain, annual compensation in total is at near-record levels, according to a report released Tuesday by the New York State comptroller.
Since the financial crisis, Wall Street firms have wrestled with two competing market forces. Faced with a heavier regulatory burden, a lethargic economic recovery and the loss of once-big moneymakers like complex derivatives tied to mortgages, the banks have instead tried to cut their biggest expense: people. Yet there persists a view on Wall Street that profits can’t come simply by holding the line on costs — big pay is still needed to lure talent from other firms.”
Read Susanne Craig and Ben Protess’s full article here